Yellow, which received a pandemic loan, is winding down operations ahead of an expected bankruptcy filing. The closure of the company would mean the loss of about 30,000 jobs.
There is a large difference between a 700 Million dollar loan and a 40 Billion dollar forgiveness. I’m not saying the student loan forgiveness is bad but there is a big difference in the dollar amounts between these two things.
If you’re talking about the 2018 auto bailout, that ended up making the government money because they managed to emerge out from it and the government charged a little interest.
I am talking about the stock swap. You know the giant well over 10 billion dollar wealth transfer that was never paid back. You do know about this as you are talking about it, I trust.
Also I am curious now, why does a car company make the US government money but not people with degrees?
The 2008 TARP that bailed out GM and Chrysler may have had widespread support but it wasn’t universal. In my opinion it shouldn’t have been done either and was probably only necessary because of the original Chrysler bailout back in the day. Without that “The Big Three” would have been subject to market forces and turned into “The Big Two”, the healthier market may have kept GM from being in the position to need a bailout.
The other point of note is that GM did repay their loan so at least in that instance it worked out. I have no idea why anyone in the Federal Government thought that Yellow would be able to successfully repay this one.
I had to look that up because honestly I had forgotten about it. It’s not that I “like” to, I just did.
The argument that GM should have been required to make up the difference seems reasonable to me, of course I think the bailout was unreasonable in the first place sooooo…
There is a large difference between a 700 Million dollar loan and a 40 Billion dollar forgiveness. I’m not saying the student loan forgiveness is bad but there is a big difference in the dollar amounts between these two things.
$757 billion has been forgiven in PPP loans. That $700 million figure is just from Yellow alone.
Forgiving student loans is a drop in the bucket in comparison to the bailout the wealthy got.
So you are saying it is about the same amount as the GM stock swap that had widespread support?
If you’re talking about the 2018 auto bailout, that ended up making the government money because they managed to emerge out from it and the government charged a little interest.
I am talking about the stock swap. You know the giant well over 10 billion dollar wealth transfer that was never paid back. You do know about this as you are talking about it, I trust.
Also I am curious now, why does a car company make the US government money but not people with degrees?
They both do, and the people with degrees make even more money by paying interest on their crushing debt!
The 2008 TARP that bailed out GM and Chrysler may have had widespread support but it wasn’t universal. In my opinion it shouldn’t have been done either and was probably only necessary because of the original Chrysler bailout back in the day. Without that “The Big Three” would have been subject to market forces and turned into “The Big Two”, the healthier market may have kept GM from being in the position to need a bailout.
The other point of note is that GM did repay their loan so at least in that instance it worked out. I have no idea why anyone in the Federal Government thought that Yellow would be able to successfully repay this one.
I specifically mentioned the stock swap not the loan. The swap was never paid back and was +10 billion range.
Universally supported because everyone likes to forget about it.
I had to look that up because honestly I had forgotten about it. It’s not that I “like” to, I just did.
The argument that GM should have been required to make up the difference seems reasonable to me, of course I think the bailout was unreasonable in the first place sooooo…