Yep, you heard that right.

More details at this link posted on Reuters just a few moments ago.

Laughing all the way to the bank.

The Federal Government it set to create yet another utterly unconstitutional, government-owned corporation that will own GM. Like the GSE’s of Fannie and Freddie, this company will have a direct line of credit with the (also unconsitiutional) Federal Reserve. On top of that… are you sitting down? The Federal Government will absolve GM of ALL of the $15.4 Billion (with a B) in taxpayer money that was loaned to it. Brilliant.

So let me get this straight. Anyone with a brain in their head was pushing for just getting out of the way and just letting GM go bankrupt from the get-go. Then, Obama, Geithner and their ilk decide that no, we must give them billions in taxpayer money - if we don’t, the workd is going to come to an end. And now, guess where we’re at? You got it. GM is, in fact going bankrupt, just as everyone predicted, despite Obama’s meddling, and now we get the additional kick in the teeth of having thrown $15.4 Billion of our hard-earned capital down the bottomless hole with GM because the Obama administration has decided that they will absolve GM from any repayment of a single dollar of the taxpayers’ money.

I’m going to have to find and post one of the many video clips of these economic illiterates stating publicly a few months ago that “not only will we be saving these corporations that are ‘too big to fail’, but the taxpayer will likely make a profit then these loans are repaid”. Hmm… seems to me we were sold a bad bill of goods. If I engaged in business practices such as this that are so obviously fraudulent, I would be in jail right now.

But wait, there’s more. If and when the government does get it’s grubby little mitts out of ownership of this new corporation, it plans to sell the controlling interest in said corporation to guess who? Once again, you got it… the UAW! Seriously, you couldn’t come up with a better story than this - this stuff writes itself. Simply amazing.

Anyone want to take bets on how many outlets in the MSM cover this one for what it is?