Breaking: Insanity reigns in Capital City as the President caves to the UAW by writing them a check from TARP funds, over Senate objections, to START their bail out.
I really don't get it. It's like our democrat-controlled legislature spending taxpayer dollars to bail out the Building Industry Association.
So, the UAW has been and is doing everything it can to destroy the GOP; they refuse any wage or benefit concessions, and the President is going to bail them out?
He really does have a loose screw.
UPDATE:
Folks, GM sold 9.3 million cars last year, and lost $37 billion.
Toyota sold 9.3 million cars, and showed a profit of $17 billion.
Nothing has changed at GM. Why the hell would we want to bail them out?
White House considers help for car makers
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By KEN THOMAS and JULIE HIRSCHFELD DAVIS, Associated Press Writers Ken Thomas And Julie Hirschfeld Davis, Associated Press Writers – 1 hr 36 mins ago
Play Video FOXBusiness – Sen. Corker TARP Money for Autos
Play Video Video: $14B auto bailout dies in Senate AP
Play Video Video: U.S. Senate blocks auto rescue Reuters
Related Quotes
Symbol...........Price..... Change
GM ..............4.07.......-0.05
^GSPC .......865.55.......-8.04
^IXIC .......1,512.07......+4.19
WASHINGTON – Worried about the weakening economy, the Bush administration said it was ready to step in and prevent the U.S. auto industry from collapsing after the Senate refused to pass a rescue bill endorsed by President George W. Bush and congressional Democrats. The most obvious source of help was the Wall Street bailout fund.
"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.
Treasury spokeswoman Brookly McLaughlin said, "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."
The Wall Street bailout fund was one of the few remaining options for General Motors Corp. and Chrysler LLC, which have said they could run out of cash within weeks. Bush had originally refused to use the bailout fund to help the automakers, insisting that help come from Congress. But the White House said it must reconsider after the Senate failed to agree on a $14 billion rescue plan.
"Congress spoke last night. They don't have the votes to do anything," Perino told reporters on Air Force One as Bush traveled to a commencement speech in Texas. "They didn't get it over the goal line and so we have to consider what other options we would take." She declined to say when a decision would be made.
About $15 billion from the first half of the $700 billion financial bailout remains uncommitted. Treasury in the past two months has pumped out about $335 billion to banks and insurance companies. To begin tapping the second half of the bailout, the administration would first have to notify Congress, which could block it or put new conditions on how the money is used.
In Detroit, United Auto Workers President Ron Gettelfinger welcomed the Treasury's statement Friday.
"I think it's great news — the response that we've been getting out of both the White House and the Treasury," he said. "I'm not sure what this means, how much they're talking about, any terms or conditions that are associated with it. ... But I do know this, we cannot afford for there to be a run on the banks, if you will, at those companies."
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