Friday, December 19, 2008

We're all getting $126.09 back AND MORE!

Sadly, we the tax payers have been robbed once again as the White House gave automakers $17.4BILLION in "loans".  Based on IRS data, there are about 138 MILLION tax payers in the United States, which means each of us gave The Big 3 about $126 of our money. 

Now, the way I see it, this isn't necessarily so bad and here is why.  Anytime *I* have taken a "loan", I pay interest on the amount of the loan AND I have to pay the loan back in a reasonably short period of time. The longest loan I have is that 30yr loan on my house.  Now, I haven't seen the details of this "loan" that the White House gave The Big 3, but I'd like to think that The Big 3 will be expected to pay back this loan just like you and I pay back our loans AND I suspect that they'll be paying interest on those loans just as you and I do.  I also suspect that if The Big 3 miss a payment, those Credit Collectors will start with their annoying and abusive telephone calls and threaten taking everything from taking the toilet paper at The Big 3 to the whole factory.

So I'll be waiting patiently for my checks to start rolling in any time now... figure a $17.4 BILLION "loan" at even 7% over 30 years and that first payment of about $115,762,634.16 includes about $101,500,000 in interest alone which means over us 138 million tax payers, we'll each be getting about $1.57 (principal and interest) checks in the mail the first month and these checks will just keep rolling in for the next 30 years! I'm super excited to hear that my elected government was able to negotiate this great deal for me!

I mean, of course, unless there is a flaw somewhere in my logic or I'm missing something that is... Putting it as politely as I can.... Assholes.  I REALLY was considering a Corvette, but now I've decided to go buy a foreign car instead.

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