On the Chrysler's Bailout Write-Off
While Chrysler is keeping its end of the bargain by reimbursing labor unions, they still fall far behind, since the money they get comes from the taxpayers. Money isn't back quite yet.
Ed Butowsky was very critical on the way Chrysler is being handled. The government is slacking on the job collecting debts. If you ask a bystanders viewpoint, the government seems firm on collecting taxes, but Chrysler seems to be having an easy time.
From the start, the deal was faulted and U.S. taxpayers risk the loss of $1.3 billion in the government bailout. Many opposed the bailout, saying U.S. automakers brought their near-bankruptcy on themselves by not retooling for an energy efficient era, and reducing their competitiveness in the global market. But, the government still insisted with a total of $12.5 billion loaned to Chrysler by the Bush and Obama Administration.
Even recently as the government plans to write off the debt, many argued why the debt was there in the first place. The money could have gone back to those who paid their taxes, but no! It has to be Chrysler and look at the result.
As expected of course from wealth specialist, Ed Butowsky, in his guesting in Fox Business, he reacted like all Americans would have reacted, and thank God for the reaction! Who would have written off a billion dollars? Who or what business in their right mind or sanity, would write off a billion dollar debt? Well for many who are concerned, it seems like the American government treats a billion like some kind of extra change. As a billion could easily be accumulated through taxes, while taxpayers suffer the drawbacks of the problem the government itself created.
Ed Butowsky is the managing partner of Chapwood Investment Management and is an internationally recognized expert in the investment wealth management industry. Ed is also a frequent guest on other networks such as CNN, NBC, ABC, Fox News, Fox Business, and Bloomberg to name a few.