Treasury Secretary Henry Paulson agrees to help auto makers

[Modelworks]

CNN just said that Paulson has now agreed that the treasury should bail out the auto makers since the senate failed.

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."

 

[dphantom]

Originally posted by: Modelworks
CNN just said that Paulson has now agreed that the treasury should bail out the auto makers since the senate failed.

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."

:|

 

[GroundedSailor]

Originally posted by: Modelworks
CNN just said that Paulson has now agreed that the treasury should bail out the auto makers since the senate failed.

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."

Good. finally the Bush admin is getting something right.

:thumbsup:

 

[Farang]

While I supported the initial bailout and an auto bailout I am not sure how I feel about this. This money was not given for this reason. If they want money for the auto industry they should go through the proper channel, Congress, rather than continue to misappropriate the $700 that was given for buying up toxic mortgage assets.

 

[evident]

700b slushfund now.

 

[daveymark]

so what happens next year when auto sales continue to decline? Give them more?

 

[theeedude]

Excellent. And if GOP continues to attention whore next year, Democrats should just keep adding funds to TARP and going around them.

 

[Modelworks]

Originally posted by: evident
700b slushfund now.

We all knew it would be.

 

[BoberFett]

Put a fork in it. The US is done.

Western civilization will not survive these attempts to prop up the lifestyles of excess that are currently crashing down.

 

[StageLeft]

Not surprising after the various articles about it this morning.

On the plus, it's nice to see the Whitehouse veto Congress. Congress passed the TARP for financial institutions and now the money will be used for this. What the hell, right? Might as well buy everybody waterskis, fvck Congress.

so what happens next year when auto sales continue to decline? Give them more?

Absolutely.

 

[Fingolfin269]

Because "Congress failed to act". WTF? Isn't a "NO" vote action? Great, let's just hand them no strings attached money now. Continue on Domestics, business as usual until you come back for more money.

Now that we've moved beyond financial institutions, can I please have a small chunk of the TARP money? I'd like to make the same money as a Domestic auto worker employee. Thanks.

 

[StageLeft]

The more I think about this the more I think it s just fvcking despicable. Congress approved the TARP for specific items. They then specifically said no to this bailout and now it's to be used, against their wishes, with money they wanted elsewhere? Ultimate, epic, legendary fail.

 

[JS80]

This doesn't make sense. I see no contagion effect of Big 3 filing bk.

 

[theeedude]

Can Chrysler even file for bankruptcy? Or would whole Cerberus have to to it?

 

[JS80]

Originally posted by: senseamp
Can Chrysler even file for bankruptcy? Or would whole Cerberus have to to it?

Chrysler. Cerberus is untouchable. They probably created like 5 shell LLC holding co's that ultimately owns Chrysler.

 

[SoundTheSurrender]

This country has no boundaries.

 

[OrByte]

The government should turn this into a contact sport.

Sell some TV time.

make a fortune.

 

[Modelworks]

Now saying that they may be getting the money from the treasury but somewhere other than the TARP funds, because in the last few days all the companies debts have increased since some suppliers are now demanding cash for stuff they need to build the cars.
The amount they now need is larger than what is left in the TARP funds.

Any idea where this other money is coming from ?

 

[dphantom]

Originally posted by: Skoorb
The more I think about this the more I think it s just fvcking despicable. Congress approved the TARP for specific items. They then specifically said no to this bailout and now it's to be used, against their wishes, with money they wanted elsewhere? Ultimate, epic, legendary fail.

Actually, the language gives enormous latitude to the Treasury Secretary. So wide, that essentially he can do anything he pleases. Congress may have meant the money only for financial bodies, but that is not how they wrote the legislation.

I was and am against all of it from the beginning. The circus comes to Rome.

 

[fskimospy]

Originally posted by: BoberFett
Put a fork in it. The US is done.

Western civilization will not survive these attempts to prop up the lifestyles of excess that are currently crashing down.

Ahhahahahahaha. You can't be serious.

EDIT: If the US is doomed, I'd be very interested to know a time frame in which you think Western Civilization is going to collapse. I'm just trying to figure out on exactly what date I can start laughing in your face.

 

[CADsortaGUY]

:thumbsdown:

 

[dmcowen674]

Originally posted by: eskimospy
If the US is doomed, I'd be very interested to know a time frame in which you think Western Civilization is going to collapse.

You're witnessing it for the last five years.

Rome didn't fall overnight either.

 

[StageLeft]

Originally posted by: dphantom

Originally posted by: Skoorb
The more I think about this the more I think it s just fvcking despicable. Congress approved the TARP for specific items. They then specifically said no to this bailout and now it's to be used, against their wishes, with money they wanted elsewhere? Ultimate, epic, legendary fail.

Actually, the language gives enormous latitude to the Treasury Secretary. So wide, that essentially he can do anything he pleases. Congress may have meant the money only for financial bodies, but that is not how they wrote the legislation.

I was and am against all of it from the beginning. The circus comes to Rome.

You are right, the fine print--and of course it was big freaking font all throughout--gave a shameful amount of latitude.

 

[Atreus21]

Originally posted by: dmcowen674

Originally posted by: eskimospy
If the US is doomed, I'd be very interested to know a time frame in which you think Western Civilization is going to collapse.

You're witnessing it for the last five years.

Rome didn't fall overnight either.

I think something similar was said in 1929.

 

[fskimospy]

Originally posted by: dmcowen674

Originally posted by: eskimospy
If the US is doomed, I'd be very interested to know a time frame in which you think Western Civilization is going to collapse.

You're witnessing it for the last five years.

Rome didn't fall overnight either.

No, I really haven't been. People on here predict the destruction of the US on here so often, and for so many different reasons, it's just dizzying to try and keep track of all the ways we're doomed. You guys also have the luxury of just predicting doom at some nebulous time in the future, a day that always seems to be just around the corner, but one that never comes.