Paul Ryan Disputes GM Repayment Claims: "It's Time to Put an End to Crony Capitalism"

Ryan, Hensarling, and Garrett Letter: http://house.gov/budget_republicans/press/2007/budgetlettertreasurysecretaryg...

You may have read reports from the Obama Administration or seen ads on TV claiming that General Motors has fully paid back what it owes you the American taxpayer.

These claims struck me as odd and misleading. The federal government still owns over 60% of this auto company. This so-called repayment is actually a transfer of $6.7 billion from one taxpayer-funded bailout account to another.

As this is your money, I think you deserve some clarity on this shell game. My colleagues Congressmen Jeb Hensarling, Scott Garrett and I have asked Treasury Secretary Tim Geithner to provide an updated, accurate, and honest account of the taxpayer money that is still propping up General Motors.

If anyone is owed a clear and honest explanation it is those hit hardest by the downturn in the auto industry, including those I serve in Janesville, Kenosha, Oak Creek and the surrounding communities in Southern Wisconsin.

It is time to put an end to the crony capitalism in Washington.

For more:
http://house.gov/budget_republicans
http://www.facebook.com/reppaulryan

Category:

News & Politics

Tags:

• hensarling
• paul-ryan
• general-motors
• garrett
• geithner
• treasury

[13lackLight]

I think you're a good guy, but do you think that if Republicans take power again that crony capitalism will go away? The only way I can see that happening is if Ron Paul comes in and vetoes everything that he knows is not free-market. I'm not trying to be a Ron Paul spammer or anything but seriously it seems only now that the more mainstream Republicans have become truly anti corporatist.

[miazagora]

People need to call and email GM and tell them to take their commercial off the air. I will NEVER own a GM product.

[tbzooski]

How did GM get away with filling bankruptcy when they received the BILLIONS from the tax payer bailout? What a sham! I thought the bailout was to prevent a bankruptcy I don't even think they needed the money to begin with! I feel GM's greed took the American people and our government for fools! And we won't ever get our tax dollars back. It makes me sick to hear how much there white collar employees are getting in bonuses when they still owe the tax payers billions!

[AtibbsSPARTAN]

@bruck9915

Health coverage would be cheaper for everyone if the federal government hadn't been destroying it for a half century.

The lowest government estimates for medicare fraud are over $100 billion a year. Soon no one will have decent care.

[bruck9915]

@AtibbsSPARTAN the people who wouldn't have health insurance otherwise *phew, that was an easy one.*

[bruck9915]

@nphanlon1973 no, Bush had that rotten motherfucker Dick Cheney. He was like an evil pitbull in a suit lol

[bruck9915]

It's funny hearing Paul Ryan talk about chrony capitalism, when the GOP House is bought and paid for by Wall Street and Big Business. Chrony capitalism is ok as long as it goes to chronies who line GOP coffers with cash. Laughable. No one is fooled.

[ladylordess]

NOW they are giving out bonuses as if they are doing well. They are continuing with their reckless ways that got them in this mess in the first place ON OUR DIME!!!!!

Sure, they did better than Honda and Toyota............. Thanks to the Tsunami!!!!

GM has screwed America. WAS IT AS GOOD FOR YOU AS IT WAS FOR THEM?? The unions enjoyed it!

[RPoshekGladbach]

what an idiot.... sadly, GOP now means IDIOT

[urrejhipokritet]

This guy has wierd but nice eyes, no homo

[nphanlon1973]

I wouldn't trust Geithner to be the city dog catcher.Bush had Rumsfeld,Obama has Geithner.