By JT Haines, August 18, 2014
Taxpayer-bailout recipient General Motors has now recalled more vehicles in 2014 than it sold in the seven years prior (Consumerist, via Harper’s Magazine). Taxpayer losses from the GM bailout totaled over $11Billion as of April (USA Today).
Meanwhile GM’s Chevy has paid $560 million (LA Times) to make Manchester United’s soccer jerseys look ridiculous, not to mention who knows how much more festooning NASCAR cars. And, of course, GM execs still take home a kazillion times more than the the people actually making and selling the cars.
Yet, many are still marching around calling our system “free market capitalism” and insisting we don’t have funds for basic human needs. Welcome to the jungle.