Sigh. It just keeps getting longer. I’m talking about the bailout list, of course. It looks like the Pension Benefit Guaranty Corp., or PBGC, is going to need a bailout due to its ever-deepening deficit. The agency’s deficit is up to $33.5 billion, triple the level just six months earlier. And huge new obligations could be piled onto its books thanks to the Chrysler bankruptcy and the potential bankruptcy at GM. You can read more at the Washington Post.
Meanwhile, GMAC is going to pony up to the bar for another $7.5 billion in aid, according to the New York Times. That comes on top of $5 billion already shoveled into the giant real estate and auto financing lender. Doesn’t anybody fail any more? Don’t any American businesses actually survive on their own merits, not taxpayer money?
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Wow.
I had lost track of what the PBGP was doing. Tripled in only six months?
Dear gawd that is sobering. And that is before the effects of close to a million retired autoworkers hits the books.
Every day it seems more inevitible that the insanity will not end. We are running it until it crashes, burns and dies.
What then? Anarchy?