Saturday, December 13, 2008

Covering It With A TARP

It appears that Bush is going to bail out the auto companies with TARP money

Hours after the loan plan broke apart in the Senate, the Treasury Department declared that it stands ready to make available funds to automakers until lawmakers have time to consider a long-term rescue package next year.

"Because Congress failed to act, we will stand ready to prevent an imminent failure until Congress reconvenes and acts to address the long-term viability of the industry," said Treasury spokeswoman Brooklyn McLaughlin in a statement.

Separately, White House spokeswoman Dana Perino said funds to aid the sector might come from the government's $700 billion Troubled Asset Relief Program. She gave no indication of a time frame for a decision on the loans or conditions on them, however.
The auto companies are suffering from bad management, bad labor, and bad Federal regulations.

I'm sure the new Congress with the assistance of the new president can fix it. Given enough money. Except the money will not be given. It will be taken from taxpayers.

1 comment:

foutsc said...

TARP has been changed to Taxpayer Rape And Pillage, TRAP.