heritage.org - 12/15/2008
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With the Senate’s rejection of a bailout for Detroit’s ailing automakers, there comes word that President Bush is actively considering using funds allocated by Congress for the Troubled Asset Relief Program (TARP) to prop up the automakers for the time being. Such action would be ...
blog.heritage.org - 12/12/2008
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blog.heritage.org —
With the Senate’s rejection of a bailout for
Detroit’s ailing automakers, there now comes word that President...
Bush is actively considering using funds allocated by Congress for the Trouble Asset Relief Program (TARP) to prop up the automakers for the ...
(more)
TARP: Now A Slush Fund for Detroit?
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White House calls a timeout on the auto bailout
RedState: Conservative News and Community —
... Interestingly, this seems to correspond with the appearance of a story that popped from Heritage last night demonstrating that it would be illegal to use TARP money for anything other than financial bailout. The Heritage article reports: ...
White House: Bankruptcy Instead of Bailout Possible for Automakers
CNSNews.com Headlines —
... of the National Automobile Dealers Association in a statement. Sykora said that bankruptcy would further threaten the availability of credit for dealers for consumer purchases and financing the vehicle inventory on their lots. We ve heard encouraging words from the White House, but time is of the essence, Sykora said. A lot of people are depending on the White House to provide the bridge loans to prevent a collapse of the auto industry. We need action now. A Heritage Foundation report last week questioned the legality of distributing TARP funds to automakers because the ...
For Auto Bailout to Be Legal, Automakers Must Now be Considered ‘Financial Institutions’
CNSNews.com Headlines —
... or dealer, or insurance company. Allowing the executive branch to define U.S. automakers Chrysler, Ford and General Motors as financial institutions greatly expands the meaning of TARP, said James Gattuso, a regulatory expert at the conservative Heritage Foundation. Frankly, this makes the TARP a personal slush fund for the president, Gattusso told CNSNews.com. There are no limits left. The only limit is to run out of money. Gattuso is the co-author of a Heritage Foundation report that asserts it is not legal to use the TARP funds for anything beyond financial ...
White House: It's Legal to Use TARP Funds for Auto Bailout Because Congress Intended It
CNSNews.com Headlines —
... the Hudson Institute, a conservative think tank, told CNSNews.com. Now it s being used for a purpose very different from the original intention. There could also be constitutional questions, London said. The essential point is whether the president of the United States has the authority to engage in a bailout of precisely this variety, London said. Now, we have seen other bailouts in the past. So, you might argue there is a precedent for this, even if it is unconstitutional. A report from the conservative Heritage Foundation asserts it is not legal to use the TARP funds ...
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