Chrysler Repays Billions, Was Bailout Worth It?
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NEAL CONAN, host:
This is TALK OF THE NATION. I'm Neal Conan, in Washington.
Yesterday, Chrysler repaid $7.6 billion in loans, with interest, that it borrowed from the United States and Canadian governments. Car sales are up, and the company - like fellow bailout recipient GM - is now back in the black.
President Obama hailed a significant milestone for the turnaround of Chrysler, and many argue this is proof that the government bailout of the auto industry was worth the cost.
Critics complain that much of the government's initial investment was lost, that this is more of a shell game than a repayment, and that taxpayer money should never be used to invest in private industry.
We all had a stake in this. So, taxpayers, was it worth it? Give us a call: 800-989-8255. Email us: talk@npr.org. You can also join the conversation on our website. Go to npr.org. Click on TALK OF THE NATION.
Later in the program, the year of the out athlete.
But first, the auto bailout. And we begin with Micheline Maynard, senior editor for CHANGING GEARS, the public radio project that looks at reinventing the Rust Belt. And she joins us from member station WUOM in Ann Arbor.
And Micki, nice to have you back on the program.
MICHELINE MAYNARD: Oh, it's always nice to be with you, Neal. Thank you.
CONAN: And Chrysler paid back more than seven-and-a-half billion dollars. Is that all the money they're owed?
MAYNARD: Well, they don't owe any other money. The way that the bailout was structured, the car companies got just direct money from the government, and then there was a portion of it that was a loan. General Motors has already paid back the portion that it was expected to pay back, and now Chrysler has paid back what it was expected to pay back, with interest.
CONAN: But there's other money it's apparently not expected to pay back.
MAYNARD: Well, there was a total of about $65 billion that was paid by the government to save parts of the American auto industry. I'm talking about the money that was paid to General Motors and Chrysler, what got them through the bankruptcy and out of the bankruptcy.
There were also payments for suppliers, for dealers, for some of the communities that were affected by the auto bailout, by the car plants closing down. So it was a pretty large price tag.
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