The Real Cost of the Auto Bailout

President Obama is touting the success of the auto bailout, but he leaves out a lot of inconvenient facts along the way. The true cost of the auto bailout is even more than the $14 billion the US tax payer is directly on the hook for; it is also the $13 billion in losses that GM will be allowed to apply against future tax gains, even though GM was "sold" during its bankruptcy. The other cost is that credit will be harder to come by for the auto industry, as creditors, along with the rule of law regarding bankruptcy procedure, were tossed aside during the bailout.