I said that giving billions of dollars to General Motors was wrong. I said it was lighting the money on fire, we’d never see it back again, and it was being used to keep a dinosaur alive.
While I’m not quite ready to retract the dinosaur remark, I am very glad to have been proven wrong about getting the money back. Over eight billion government dollars are being paid back by GM today and GM plans to sell new stock to repurchase the equity currently held by the American and Canadian governments. Five years ahead of schedule — aided, perhaps, by the fact that GM’s cars, for all their faults, at least have properly-functioning brakes.
TARP money continues to come back in, too — not all of it, but a healthy fraction. And at a reasonable profit, to boot. So that’s a more than acceptable result from this cynic’s perspective.