As noted yesterday, the bridge loan to Detroit automakers boiled down to a game of chicken between Bush and congressional Democrats about where the funds would come from. Reid and Pelosi wanted them to come from the TARP funds, while Bush said he wanted them to come from the $25 billion allocated in the Energy bill for retooling to make their cars more fuel efficient.
This appears to be what Voinovich, Levin and senators from other Big 2 1/2 states were proposing as a bipartisan alternative last week. Reid and Pelosi hastily stepped on their press conference, however, and sent the auto makers back to write a better term paper.
The money will come from the Energy Bill funds after all, but on Maddow today this was Barney Frank:
We will compromise. We will use the money from the 25 billion that was put in there to make them energy efficient — however, we will reserve the right next year when we have a better president and a better congress to replace that $25 billion from the TARP. They won’t be able to stop us then. We aren’t asking them to sign off on it, we’re simply giving notice that that’s something we have the option of doing later.
To quote Tom Friedman, "suck on that."
Related posts:
- Barney Frank: Will Not Vote for Co-Ops, Takes the Pledge
- Interview With Barney Frank: Why He’s Switching His Vote on the Supplemental
- Barney Frank: Committee to Hold Hearings on the Federal Reserve Transparency Act
- Lieberman Whines About Photos, Barney Frank Wants Hearings
- Nine Democrats “Just Say No” to Graham-Lieberman





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Too bad he waited so long to call the administration out.
Isn’t it ironic that an openly gay congressman is the straightest shooter on the Hill?
“only have one president at a time”
Frank – “I’m afraid that overstates the number of presidents we have at the present time.”
LOL
Thanks Jane.
digg
When they score, we need to pat them on the back.
When they cower, we need to do, you know, the other thing.
This was a good day for Congressman Frank.
Thanks, Jane.
that one made me laugh so hard that I started coughing……
at day -46 of the Obama Administration we are now -1 President and pretty much rudderless……. with Shrub just warming a chair……
Goody! Frank’s making up a bit for giving away the store to Paulson.
Go Barney!
Kinda like closing the barndoor after all the animals bolted…! ;-)
Bush must be getting very lonely. They haven’t even had their 250 best friends over for dinner in ages. He must be ready to do a Nixon and talk to the paintings.
Only half. Now Paulson is kissing ass with the transition team to help him get the other half. Son of a bitch has no shame.
Maddow… “Thank you Senator for all the short sentences…”
A little snark from Rachel. One gay to another.
Blarney is a month two late and $36 billion short.
Honestly the arrogance of all these companies getting bailed out by the work force is mind boggling. For decades they looked down on the work force and still do… with the hand full of gimmee and no much obliged.
Not impressed with Blarney. Got to give the gashog industry some marching orders with the bail money. Go green!
bush is as spiteful piece of shit as there ever was. As much as he deserves every denigrating epitaph and disrespect thrown at him as one can muster, we are in the midst of one of the most dangerous periods in the history of mankind where bush – still with his finger on the nuclear button and all sorts of other tools of massive destruction of suffering, is even more unrestrained than usual to subject us to his psychopathic obsessions. It doesn’t really pay to taunt him – the consequences are too horrendous.
Jane,
I’m not sure the only way to look at this is that Barney is coming out on top. It occurs to me that Congress, which has the sole power to appropriate governmental funding (and to say for what the funds will be used), passed legislation giving the President $700B + to be used to help ameliorate the financial meltdown. Paulsen continues to dish it out with virtually no oversight, as he wishes on his whim.
But when it comes to time for Congress to want a say in how a measly $25B – $35B is to be spent, Bush stymies them. They have no say at all ! They can divert other funds, and posture as though they’ve really done something, they sure showed GWB !
I’d say this is yet another case of the Democratic “leadership” having completely abdicated all their power. It makes me very sad.
Ron Feinman,
Lynchburg, Va.
As in, less chance for the Republicans in Congress to obstruct, and zero chance that the then-President will not sign off.
“…we’re simply giving notice that that’s something we have the option of doing later.”
Now is irrelevant.
Dugg it!
Of course the Democrats will be able to get most anything they want next year. They will have 58 or 59 votes in the Senate.
I just think that they just didn’t want to cross the Greens by using the 25 Billion that had been designated for more efficient cars.
Bush just wanted them to have to walk on the other of the street from where he was walking.
They can put 100 Billion back in that fund next year when he is gone.
One thing that increasingly bothers me about this whole thing — the UAW is practically invisible, especially in any forum where the union could rally support from progressive groups, or sites like this or DKos.
If anybody has connections with the UAW, ask ‘em: WTF?
This really should be like the fight over Social Security 3 years back, but it isn’t: there’s no focus to the effort among activists. UAW involvement by explaining its case to folks like us would help a lot. But they aren’t doing it.
Anyone have any ideas?
I think you’re on to something, but there’s the possibility that they are taking their cues from Congressional Dems… probably told to keep a low profile until after the 20th.
Congressional Dems = kiss of death, imo.
You’re possibly right. But if you are, the UAW is getting some pretty f**king bad advice.
It’s too late to say we need to keep this “non-partisan”. The GOP has clearly decided that it is, and they’ve decided to bring guns to the knife fight.
They have an action letter here:
http://www.unionvoice.org/campaign/autojobs
Jane,
I almost noted yesterday that during the House hearings I noticed a C-SPAN schedule change about midway through which was an updated version of the Voinivich-Levin press conference but dated yesterday (early morning).
Is it my understanding as well that Labor was suppose to release their data on Monday but got it out early to make a point loud and clear?
I think they knew what they were doing before the hearings. I think the hearings were PR to all the citizens stating they did not want a bailout.
Agree totally.
how pathetic. Defending this guy after he gave the keys to the treasury to obvious crooks. That’s why we have these corrupt actors like reid and pelosi. They talk tal talk but in the end they serve another master. How pathetic,unreal.