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December 12, 2008

Please, Don't Panic And Reach Into Our Pockets Again

Oh, this is just grand

NEW YORK (CNNMoney.com) -- The Bush administration said Friday that it will consider using the money set aside to help banks and Wall Street to rescue the auto industry.

The statement -- a change in the administration's long-held position -- might be the last best chance to keep troubled automakers General Motors (GM, Fortune 500) and Chrysler LLC out of bankruptcy.

The defeat of a $14 billion bailout plan in the Senate late Thursday left the administration little choice but to tap the $700 billion bailout approved by Congress in October, the Troubled Asset Relief Program or TARP, according to White House Press Secretary Dana Perino.

"Given the current weakened state of the U.S. economy, we will consider other options if necessary -- including use of the TARP program -- to prevent a collapse of troubled automakers," Perino said in a statement. "A precipitous collapse of this industry would have a severe impact on our economy, and it would be irresponsible to further weaken and destabilize our economy at this time."

I feel sick.

Posted by Mr. Bingley at December 12, 2008 10:30 AM

Comments

It shouldn't be Troubled Asset Relief Program, it should be Critical Relief for Assets Program, because the acronym then spells it all out for us.

I don't know. I can see both sides of this but I'm sick of being told that my hard-earned money is being loaned to people with vaporous, at best, plans for how they're going to fix things. If I were as vague on my tax forms as GM and company have been about what they will do to "improve," I'd be in whatever the modern equivalent of Alcatraz is.

Posted by: ricki at December 12, 2008 02:24 PM

"A precipitous collapse of this industry would have a severe impact on our economy, and it would be irresponsible to further weaken and destabilize our economy at this time."

Yup. But three years ago, when certain Congressmen suggested a way to avoid this time entirely? It was responsible to further weaken and destabilize the economy then?

It's not too terribly surprising that these yahoos have no concept of cause and effect, seeing as how they've never had to deal with the effects of anything they've ever done since going to DC. All this busywork to look good could have been avoided by simply doing actual work at the right time. Any teacher will tell you it's the laziest kids who wind up with the most work and the deepest difficulties - but when it comes to government all of us get the F, primarily because we keep voting in these corrupt chair warmers.

Posted by: nightfly at December 12, 2008 03:32 PM

The system is imploding.The corruption and treasonous behavior of our government has become
so severe,it can no longer be hidden.
They give 700 billion to a group of international bankers,but hestitate about saving American jobs
in a primarily black area of Michigan.Sick Bastards,
let's applaude the day when they are thrown into the ocean with millstones around their necks.
Traitors and criminals.What happened to Jeffersonian
ideals? Dead with the international F##kers.
Let's talk about free markets when there are
40 million illegals in our country.Destroying
our schools and our public service system.
Bastards! Our leaders are f#cking traitors.

Posted by: greg newson at December 13, 2008 12:17 AM

"Our leaders are f#cking traitors."

They've been so for at least forty years.

Posted by: Gunslinger at December 13, 2008 01:25 AM

Gunslinger: I think Reagan was the last President
who was his own man.The Bushes and Clinton never
really ran their own administrations.As far as
Congress goes, Congress has become a haven for
liars and crooks with nice smiles that look good in suits and have no souls,kinda like the serpeant in Eden?

Posted by: greg newson at December 15, 2008 12:23 AM

One can understand how stressful all this must be for UAW employees...surely we should not begrudge providing the bailout funds so they can continue to have 20 days per year of paid vacation plus 18 other paid holidays.

Posted by: Ave at December 15, 2008 07:43 AM

Gemm5K

Posted by: Acddibtq at July 14, 2009 02:33 PM