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Message
Treasury: We're Ready to Prevent an Auto Industry Failure
Posted on 12/12/08 at 10:10 am
Posted on 12/12/08 at 10:10 am
quote:
"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," Treasury spokeswoman Brookly McLaughlin said.
The White House said Friday it would consider using money in the Wall Street bailout fund to help the automakers.
"The current weakened state of the economy is such that it could not withstand a body blow like a disorderly bankruptcy in the auto industry," White House press secretary Dana Perino said.
Fox news
1
Posted on 12/12/08 at 10:14 am to JustSmokin
This is awesome. Every member of congress who voted for the TARP should be lined up and shot.
Just wait for the screaming in congress to start. But they still won't repeal TARP.
Just wait for the screaming in congress to start. But they still won't repeal TARP.
Posted on 12/12/08 at 10:18 am to Colonel Hapablap
Posted on 12/12/08 at 10:19 am to Colonel Hapablap
I think I felt another inch inserted back there...
Posted on 12/12/08 at 10:22 am to Meauxjeaux
quote:
"I dread looking at Wall Street," said Senate Majority Leader Harry Reid in anticipation of Friday's stock market reaction. "It's not going to be a pleasant sight."
I agree...we should legislate based upon what the market's doing on any given day.
Posted on 12/12/08 at 10:38 am to Putty
When was the Treasury authorized by American citizens or the constitution to bailout public and/or private companies? Did I miss the memo during the movement to socialize the country?
Posted on 12/12/08 at 10:40 am to tirebiter
In september, I think.
Posted on 12/12/08 at 10:44 am to Colonel Hapablap
I must have been in the beer cave checking the stash. What has this country become, I don't even recognize it anymore.
Posted on 12/12/08 at 10:52 am to tirebiter
I think I posted at least 1 thread a day about it on here and the poli board as it was happening.
Posted on 12/12/08 at 11:12 am to Colonel Hapablap
I am being a bit of a smart arse. Devaluing the dollar is approaching with blinding speed. When is the taxpayer revolt?
Posted on 12/12/08 at 11:13 am to Colonel Hapablap
I become more convinced there is no Democratic or Republican party in Washington. They just hold weekly meetings and decide how they are going to screw us more and more...
Posted on 12/12/08 at 11:15 am to tirebiter
I dunno, but I am ready. My pitchfork is sharp and I have been working on my torch skillz.
Posted on 12/12/08 at 11:27 am to Colonel Hapablap
BTW, I was dead serious about not recognizing this country anymore, I feel like we live in Pauper Nation these days. It is truly disgusting on a personal and professional level. Next thing I know illiterate Americans will be suing tax payers as we were not enough to help overcome their pitiful attempts at educating themselves although we pay trillions into local school systems. Between the get rich quick schemers, the crooks, and the bailout seekers the numbers of ethical Americans appears to have sunk to an all time low.
Posted on 12/12/08 at 12:09 pm to tirebiter
It's living up to its original billing as the worst bill ever (at least, in my lifetime).
Posted on 12/12/08 at 3:14 pm to tirebiter
+1 and amen, brother.
Sometimes I think true civil collapse and revolution is on the way.
Sometimes I think true civil collapse and revolution is on the way.
Posted on 12/12/08 at 6:44 pm to tirebiter
quote:
When was the Treasury authorized by American citizens or the constitution to bailout public and/or private companies?
Congress authorized the Treasury Department to backstop financial institutions in a number of different ways, including with direct capital injections, which is what the majority leaders wanted from the start.
The AIG bailout was dicey, because it was an insurance corporation rather than a bank, and because the ordinary insurance subsidiaries weren't even the problem that was being bailed out (derivatives were).
I have no fricking clue as to how Paulson plans to find a legal way to backstop the auto industry, but this reeks, and is in direct opposition to what Congress just voted. This, by the way, is what happens when you put people in office who believe that "pragmatic solutions trump ideology," like Paulson does.
He had better be working on financing for one helluva a heavy-handed, draconian prepackaged bankruptcy plan, because anything less will be an outrage.
I also wonder if this might trigger a lawsuit from certain GOP Congressmen over the Treasury's constitutional authority to proceed with whatever plan they come up with.
Posted on 12/12/08 at 6:56 pm to Colonel Hapablap
quote:
I think I posted at least 1 thread a day about it on here and the poli board as it was happening.
I think I probably did too.
Posted on 12/12/08 at 7:17 pm to Doc Fenton
quote:
but this reeks, and is in direct opposition to what Congress just voted
ah, but it's in exactly what they voted FOR with the TARP. Basically, a blank check for Hankie Poo without any oversight by anyone. He can do whatever he wants. Congress made it that way.
Posted on 12/12/08 at 7:21 pm to Colonel Hapablap
quote:
He can do whatever he wants.
No he can't. I suspect that the loans will have to be backstopped indirectly, similar to the way JPMorgan's assets were underwritten to acquire Bear Stearns. A direct infusion has got be illegal. There is nothing in the TARP to authorize it that I know of.
Posted on 12/12/08 at 7:34 pm to Doc Fenton
quote:
No he can't. I suspect that the loans will have to be backstopped indirectly, similar to the way JPMorgan's assets were underwritten to acquire Bear Stearns. A direct infusion has got be illegal. There is nothing in the TARP to authorize it that I know of.
ben and hank could care frick all about any law. You think bear stearns was legal? No fricking way.
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