In the age-old game of "follow the money," it's always interesting to see where government is spending our hard-earned (or expensively borrowed) cash. Over at Business Insider, Bruce Krasting has invited us to take a look at who is getting cheap money from the government.
As of September 30, 2011, the Federal Financing Bank, which is owned by the U.S. Treasury and operated by Tim Geitner, had lent, sold, or guaranteed $58 billion to business enterprises.
This past September, the bank made loans of money that U.S. taxpayers can expect never to see again, from a hefty $1.5 billion to the U.S. Postal Service (that will be broke by summer) to a piddling (by federal standards) $214 thousand to Beacon Power Corporation (they are already bankrupt).
Don't let the size of those numbers fool you though. The U.S. Postal Service owes the American people a total of $13 billion, and Beacon Power (another green whitewash by the Obama administration) owes a us a total of $40 million. Kiss all of that good-bye. Various and sundry solar companies, over time, have racked up bills totaling $4.9 billion, about a quarter of which is already toast.
But lookee here:
- Ford Motor Company got $364.5 million in long-term loans at 1.4% interest. In just the month of September.
- Tesla Motors got 90.8 million in long-term loans at 1% interest and 1.4% interest. That's not their first gov't loan, of course.
- Nissan North America got $33.6 million in long-term loans at 1% interest, 1.8% interest, and 2.5% interest. Nissan gets your money without ever having sold you a car?
For the Obama administration's extension of their tentacles into the automobile industry, it looks like GM, Tesla, and Fisker were just a start.