BAILOUT? BALONEY disputes the government claim of a bailout of the auto industry. Congress voted 52-35 "against" a bailout, and the Obama-Rattner study group actually drove Chrysler and General Motors into bankruptcy. Ford avoided bankruptcy by using a $23 billion bank loan for working capital. The loan was obtained in 2006 for restructuring and saved Ford during the recession. The 2008 recession caused auto sales to drop 40% and Detroit fell into a depression. The government caused the 2008 recession with the attempt to give home loans to everybody even though many could not afford a home. Legislation eliminated down payments and income verification for home mortgages, and many mortgages went into bankruptcy causing the toxic mortgages. Wall Street was near bankruptcy when its toxic mortgage bonds failed. When Lehman Brothers went bankrupt, the 2008 Great Housing Recession was underway. The government attempted to stem the recession by creating a $700 billion TARP fund for troubled assets. Financial institutions were bailed out with $700 billion, but the auto companies were denied a $35 billion loan. After Congress voted against a bailout, President Obama was the last resort. Instead of granting TARP funds to save Chrysler and GM, the president started a task force to further study the auto problem. The five-month Rattner study resulted in the bankruptcy of Chrysler and GM. There was no bailout, only bankruptcy. The government claim of a bailout is a complete falsehood, and how it can claim a bailout is a Washington spin on bankruptcy. Only Washington politicians can take 8 months "studying" the auto industry, vote AGAINST a bailout, and then take xcredit for saving the industry.