Remember how oil was going to $200 a barrel and General Motors (GM) was going to have to retool its entire company (at taxpayer expense) to greet a new world in which oil prices had reached a permanently high plateau?
That was four months ago.
Now, oil is back under $50, gas is back under $2, and…GM is saved!
No, of course it’s not saved. Because it is running on fumes. But it does need a new excuse. The first taxpayer bailout of $25 billion was to fund an emergency retooling of GM’s US plants forced by an unforeseeable gas-price spike. Now it needs another $25 billion of taxpayer money because of an unforeseeable economic collapse.
NONE of this is GM’s fault, of course. And they’d love to sell you a new Hummer.
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