Consumers are victims of the auto industry turmoil in despite of bail out by tax payers
By Armando Garcia The announcement of another bankruptcy filing by a giant auto maker is undoubtedly another slap on the face of the American consumer. General Motors has started to seek court protection to deal with its huge debt despite the fact the Obama Administration has already provided auto lender GMAC Financial Services with $7.5 billion in additional aid to keep loans flowing to would-be buyers of GM vehicles. The government has a vested interest in seeing GMAC succeed and the U.S. auto industry revive. General Motors has received $15.4 billion in federal loans and the other auto giant Chrysler has received $5.8 billion, despite filing for bankruptcy protection. Court documents, IN the Chrysler case, showed the ailing automaker plans to close five plants in Michigan , Missouri , Ohio and Wisconsin that employ about 4,800 people. Also, the new dose of aid marks the government's latest attempt to break through credit clogs and spur more lending, a necessary...