Posted on 12/16/2008 11:05:49 AM PST by lewisglad
administration could act as early as Wednesday to approve an automaker bailout from its bank rescue fund, with conditions likely to reflect at least those approved by the U.S. House of Representatives last week, key lawmakers and other sources said on Monday.
A Treasury Department official said the agency and auto company executives continued to review financial and other information, and that no decision had been made. The White House is actively involved in the matter, officials said.
Treasury Secretary Henry Paulson said, however, the government would have to be satisfied the industry could survive and compete in order to receive help.
"We would have to assure ourselves that this was a step on the path to long-term viability," Paulson told Fox News.
House Speaker Nancy Pelosi, a California Democrat, says the administration will likely use part of the $700 billion fund established in October to stabilize the financial services sector, rather than pushing the companies into bankruptcy, as some lawmakers have urged.
"That would be my expectation and I think all the signals coming from the White House are that they know that bankruptcy is not an option and that (stabilization) funds are the only recourse that they have," Pelosi said at a news conference.
General Motors Corp and Chrysler LLC, which is owned by Cerberus Capital Management, have said they need immediate injections of cash to avoid near-term collapse.
Ford Motor Co is seeking a government line of credit to be used if its financial conditions deteriorate more than expected in 2009.
(Excerpt) Read more at reuters.com ...
BOHICA!
What a joke.
Where is the outrage?
It will be interesting to see what they come up with. My guess is by going around congress Obama can just remove any conditions and fund them quietly in 2009, maybe Obama will get a blank check now that there is a precedent.
Where’s my 14 billion?
I thought we voted against it?
Most people feel so helpless in understanding all that is going on that this isn’t even a blip on their radar.
They are thinking clearer, smarter heads they elected are going to do what is best for them and turning back to their own checkbooks and piles of bills.
*sigh*
As if what we think really matters, where did you get such a silly notion?
both Presidents Bush have had a problem with enemy identificaton.
We could call it Ash Wednesday, because that’s the day they burn the Constitution................
We’re worn out. Most of the country was against the financial sector bailout, then against the auto bailout, and now against the redirection of the financial sector bailout. 3 months of outrage is tiring, and it’s become pretty obvious that our outrage doesn’t accomplish anything besides make us tired.
I'll say...can't wait to see the strings it comes with. Can anybody spell fascism?
If this were really true they wouldn't have pulled the rug out from under the Pubs, especially those in the senate that actually tried to fix the problem.
Those that have been fighting the good fight are just being steam rolled. The perpetual adolescents in our media don't even know what fascism is, or how great a threat to our freedom it is.
Yep, “If you taketh the King’s Coin, you doeth the King’s bidding.”
I KNOW people are pissed...At some point it’s going to have to come to a head.
We can unfortunately add too many of our citizens (I was going to say Countrymen but, nah) too that list
Not usually, not anymore. Usually it just gets worn out and distracted.
We can’t get that damn Bush out of office fast enough to suit me. What a loser!!!
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