when we add into it what used to be gmac, the auto lending side of this, we are not getting a lot ofmoney back. so the american taxpayer, this great success -- they gave basically a gift from the taxpayer of $50 billion. >> yeah. you are right. it was a payoff to the unions because they rewrote contracts. they exchanged who the creditors were who would be paid in what order. >> sean: winners and losers. >> and it's part of a bigger pattern because what we have seen is federal incurment into health care, insurance, banking, finance, energy, autos. sowhat are really seeing a redefinition between the relationship of the citizen and the state. i think this is part of an attempt by obama to have the federal government be the quarterback of the private sector. >> sean: and the important thing is, we have bankruptcy laws. that doesn't mean go out of business laws, but we have a legal process which i supported, governor romney supported, whereby they would be able to stay in business. they would be able to rework their contracts and so on and so forth and go through bankruptcy protection. th

before gmac if you want to buy an automobile come to either came into the showroom with cash or got a bank loan on your own and most banks wouldn't lend money for an automobile. his idea was why don't we finance the purchase of the vehicle and make it easier for the customer clicks it not only revolutionized the way automobiles were sold but all kinds of big ticket items as special the household appliances. again that was set buy billy durant, and there are several others. again, it's a fascinating story. one story i haven't told about durant, and it's made me think since the book has been finished. the first person to lead the advance galleys of the book before it was published was a man named david cole who was the most respected analyst in the world. while he was reading that he called me several times to give me feedback and when he finished we got together for lunch in the end of the talking for about three hours about durant and sloan and what's happening at general motors today. but one of the first things he said was, you know, looking at everything that durant did, the way th

allied financial is a big bank that still owes us -- >> that is the old gmac. >> this book, "bailout," hubie want to read this and who will give you the most satisfaction, what kind of person? >> i want everyone who will to read this book. i want people understand and care about the financial system and what has happened to our government, i want them to read this book. because there is so much anger out there. >> are you angry? >> i am furious and still angry. part of the reason why i wrote this book, to express that anger. but there it is an anger out there that people understand and kind of it that washington is not being run for them but is being run for the interest of these financial elite, the small groups of too big to fail banks and a deck is whose welfare has been put before the american people time and time again. the understand that on the left, on the occupy, on the right, with the tea party, and a lot of folks understand it in between. but oftentimes, they are sort of derided as crazy or conspiracy theorist. i wrote this book so i can give them the evidence for their ang