$30 billion isn’t a bailout. $30 billion is a whole new car company.
General Motors Corp said on Tuesday it could need a total of up to $30 billion in U.S. government aid — more than doubling its original aid — and would run out of cash as soon as March without new federal funding.
GM wants the equivalent of almost 4% of the entire stimulus package that just passed. Not only are they unlikely to repay it, they’re unlikely to make the fundamental changes necessary to adapt to the future and get their house in order. I can’t see any way right now we should be entertaining the idea of propping up GM at this cost.