Bailing Out … Brazil?
Every time I see one of these stories I just shake my head in wonder.
Obama and Congress are frothing at the mouth at those Wall Street types for paying out 18 billion in “bonuses”. Of course, had Congress not acted like a panicked herd of wildebeast when Paulson came flapping around declaring the sky was falling, they might have written legislation which prevented such an occurrence.
But while they prefer to yell at others, the failure to be specific about what the money could be used was theirs – the Democratic Congress.
Well here’s round two. The great, “we have to have it now or we’ll go under” auto bailout scam of 2008. And guess what:
Right nowGeneral Motors plans to invest $1 billion in Brazil to avoid the kind of problems the U.S. automaker is facing in its home market, said the beleaguered car maker.
According to the president of GM Brazil-Mercosur, Jaime Ardila, the funding will come from the package of financial aid that the manufacturer will receive from the U.S. government and will be used to “complete the renovation of the line of products up to 2012.”
“It wouldn’t be logical to withdraw the investment from where we’re growing, and our goal is to protect investments in emerging markets,” he said in a statement published by the business daily Gazeta Mercantil.
So tell me, how many jobs will that billion create or preserve here, hmmm?
Hope and change.
[Crossposted at QandO. We’ve moved. Come see the new place.]