This morning Bush announced that he would authorize a $17.4 billion in loans to the automakers -- $13.4 billion out of the existing TARP funds, and $4 billion contingent on Congress releasing the second half of the remaining $350 billion.
The question as to whether Bush was going to demand something odious of the UAW in exchange for the loans was answered. In short, not really -- the demand made by plantation caucus senators that the UAW reduce their hourly wages by 2009 is now a non-binding "target," and the loan is not contingent upon their acceptance.
So Harry Reid actually won his first game of chicken with the White House that I can recall. Bush blinked.
Steve Liesman, reporting on CNBC this morning explained what the mechanism is for the release of the second half of the TARP funds:
- The President must submit a written report to Congress detailing how the money will be used.
- This triggers a 15 day period in which Congress can veto the request by a joint resolution. If they don't, Bush gets the money.
- If Congress disapproves the request within 15 days, Bush can veto the disapproval.
- If Bush vetos the disapproval, Congress must re-diapprove within a 15 day time period, or Bush gets the money.
Henry Paulson said today that he is going to begin talking with Congress about getting his hands on the rest of the money, but this does not constitute the formal request that will trigger the 15 day clock.
Liesman noted that Bush only has 32 days in which to spend the money, which could be one reason why lawmakers might approve the request, since having the funds available would provide "confidence" to the market that there was money available if any problems occurred.
Anyone who would be comforted by the gang that couldn't shoot straight being anywhere near that pile of cash deserves what they get.
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Don’t give the criminals another cent. We’re only a month away from getting rid of their sorry asses for good.
Give Paulson five bucks for car fare.
Congress should assume that it’s 15 business days. Even if they release the money of the 19th, it will be gone to the Bush cronies.
I hardly call it a victory when the Democrats will genuflect before Bush (again) and give Paulson everything he wants and needs. The real goal for the Bush Brigade is getting their hands on that $350 billion in free money.
They could care less about the UAW, The Big 3, “restructuring” or the country in general.
These guys are nothing more than world class looters.
What I wrote from a couple of threads down:
I agree. They are going to loot and loot and loot until they are pried out the door on January 20.
Paulson Must provide congress with all his notes on where the first $350B went and that means both pages!
Kudlow is on teevee railing that the demand to crush the UAW is not “binding” and that there is no “car czar” to oversee the whole thing.
In theory a car czar isn’t an awful idea, but if it’s someone appointed by Bush it’s pretty much guaranteed to be some thief. And most of what they’re asking for is the result of political considerations, not practical ones, so I have little faith that a “car czar” would work the way it should.
Hi everyone - sorry I’ve been gone lately - I’ve been putting together pictures for posters. Some here:
http://www.freewayblogger.com/visitorsgallery.htm
thanks to all who helped me out on this.
That puts us right into Obama territory.
Yeah I’m thinking this isn’t looking too probable.
What a display! Thanks for all you do.
To freeway at 9
surreal how crooked they all are, including reid,frank pelosi and the rest of the good folks in washington
Please not another cent. Wasn’t there a long post here last night to the effect that the bailout wasn’t needed and has had no effect?
Sounds about right with these clowns. Get these people away from our governement.
Great Photo!
If Bush is going to ask for it is he waiting so that the 111 congress could vote on it? That would mean he would ask for it Mon or Tuesday.
Kudlow is the mouthpiece of the Administration - what a bloodsucking pig he is.
“Anyone who would be comforted by the gang that couldn’t shoot straight being anywhere near that pile of cash deserves what they get.”
Yes maybe they do deserve what they get but the rest of us don’t.
love it, fwb! you are amazing.
Thanks Jane.
digg
no one can really be that stupid as to give Bu$hCo another red cent, can they? Really?????
i think it’s not stupidity. i think it’s a joint heist. complicity. every pro voter in congress can NOT be that flippin’ dumb!
this whole bail out TARP thing has gone step by step exactly as I thought it would when we first were threatened with death and total collapse and martial law and Armageddon, back last September.
Honest. And I’m not that poli savvy and know very little about economics.
that was just common sense and logic and an acute awareness of the goings on of the last 8 years.
just eyes and ears and the USE OF a little bit of gray matter.
Kudlow is the among the worst- and the most often wrong- of the gooper apologist…
A CD of his greatest hit “God loves tax cuts for the rich” is available at his website.
wow.
awesome job, fwb!!!
just wow!
wish we could get that to the top of any google page on a “dumba legacy” search!
from Gettelfinger and the GOP stock channel is complaining abt this statement.
http://www.wxyz.com/news/story.....AByIg.cspx
Is that the same God that told Bush it was OK to invade Iraq?
i was just listening to NPR (yeah, i know, but i was in the car - out stocking up for the pending storm) and the report was that the loan conditions were so odious that ford doesn’t want anything to do with this. is there an official/legal statement on the loan conditions/contract somewhere to check?
if this has already been covered a link to the relevant thread would be appreciated.
and told sarah to run for vp
The guy has an amazing ability to curse government while he’s demanding bigger bailouts from government. I’m in awe of his ability to occupy two mutually contradictory positions at the same time.
I find him a bloody bore. “TAX CUTS TAX CUTS”
Good on the Obama team for that statement: I was wishing they could remove ”unfair conditions” and am pleased they are saying so right off the top. What a game. The closer we get to January 20th, the sterner Obama sounds. That’s good. Still there’s only so much he can say: if he starts ranting he’ll lose credibility and frankly that’s all I’m being carried on at this point. When Liz Warren says Paulsen et. al. have *no* idea and I see all that is written here on what could/should/would be done, I am encouraged that there is a whole new approach coming.
I highly doubt BushCo will provide the paperwork they cite: they have *never* yet provided *any* of the legally proscribed paperwork for any activity to date as far as I can tell including intelligence, war, or finance.
And the clock looks really against them on this.
Oh, and I guess Bush is taking his orders from the Plantation Caucus now. Curiouser and curiouser.
Congratulations, freewayblogger! Beautiful montage.
If Reagan can negotiate with the Iranians behind Carter’s back during an election, I sure to goddess hope there is a backchannel between Obama and the big 3. I would EXPECT it. The time is just too short not to be giving them a heads up and assurances of what will really be the plan after January 20th.
IIRC, Ford wasn’t asking for money. They just wanted a line of credit available.
So Paulson would have to ask for the 350b before Jan 5 to be able to get it? When does Congress reconvene?
that’s what i remember also (from the hearings).
So if we hear doom and gloom the next couple of weeks from the GOP channels then we’ll know they will come knocking on Congress’ door.
Looks like they may not even ask for the second half of the money, given how few days they have left…
http://online.wsj.com/article/.....21629.html
That’s right: that’s their next trademarked move. They’ll ooga booga us during Christmas. Nice, really nice.
Unfortunately, the gang that couldn’t shoot straight can loot straight.
“… Anyone who would be comforted by the gang that couldn’t shoot straight being anywhere near that pile of cash deserves what they get.”
LOL Exactly!
The old gang’s last chance to break the bank, er rob the kitty, er . . . whatever.
These people may be incompetent by most standards, but I think we’ll see that they’re remarkably competent at drawing down $350 billion . . . and in record-breaking time.
Harry Reid did not win this in any sense of the word. He capitulated to the GOP at every turn, and it was only that somehow Bush realized how disastrous letting the auto companies fail would be that saved the day. Of course, now the GOP can brag that they “stood firm” against the horrible unions and were fiscally responsible, so they win too. Reid is utterly useless as a leader, and I wonder how he rationalizes it to himself.