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True, but Ford is both obligated and able to repay these loans. The equity in GM owned by the govt will never be valuable enough to recover much of the TARP funds used to prop up GM. This action has proven to be stabilizing, at least in the short term, but it is an unprecedented circumstance while acting as a lender of last resort is a typical action of a central banking system. Personally I support the bailout, but some of the details of the restructuring do bother me.
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