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Ear to the Ground

A ‘TARP’ to Cover Detroit

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Posted on Dec 12, 2008
It's A Tarp!
elitemrp.net

“It’s a Tarp!” is a mutation of the Internet meme “It’s a Trap!,” a phrase that offers a usually sarcastic sense of warning to the reader.

The White House has shifted from its original position to state that it now is willing to consider using bailout funds from the $700-billion Troubled Asset Relief Program, or TARP, to keep the country’s top three automakers afloat. The announcement comes after negotiations in Congress to provide a $14-billion bailout to Detroit broke down.


The Washington Post:

The Bush administration said today it is willing to consider using funds from other sources to provide emergency aid to the nation’s Big Three car companies following the Senate’s rejection Thursday night of a congressional bailout plan.

The statement from White House spokeswoman Dana Perino marks a shift in tone for the administration, which has so far rejected the idea of using money from the $700 billion Troubled Asset Relief Program or other sources under its control to help the auto industry survive. After the collapse of negotiations in Congress, however, the White House said all options are on the table to help keep the automakers in business. GM and Chrysler have said they are in critical need of help, while Ford’s position is less dire.

“Under normal economic conditions we would prefer that markets determine the ultimate fate of private firms,” the White House statement said. “However, given the current weakened state of the U.S. economy, we will consider other options if necessary—including use of the TARP program—to prevent a collapse of troubled automakers.”

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By Vadernooooo, December 13, 2008 at 11:53 am Link to this comment

I commend the work on the photograph. It is great.

What a use of Admiral Akbar!

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By EdT, December 13, 2008 at 11:25 am Link to this comment
(Unregistered commenter)

I believe that if we are to use this fund,the American people should benefit from it. If we are paying the bill then the only jobs lost should be the ones that are in Canada and Mexico. This fund is to help our economy. The money made by American employees is spent in America. Where is the money made by Canadian and Mexican employees spent?

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By coloradokarl, December 13, 2008 at 11:04 am Link to this comment

Union Busting: this is so obvious to me, the Congressmen from the southern states with non-union shops and the big-business elite gushing propaganda that is not true. I actually believed the $78.00 per hour B.S. for a minute.  Making Cars that people want: Don’t kid yourselves, the big three drove the SUV agenda through false claims of safety and comfort for the soccer mom’s. All along knowing they couldn’t compete with toyota and honda in the small car platform. It came down to PROFITS and creating a market. They are getting what they deserve. The UAW should of seen this coming. Are they getting what they deserve??? History will be written, people will suffer and the wealthy will smile all the way to the bank.

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By hippy pam, December 13, 2008 at 6:54 am Link to this comment

This “failing” of our manufacturing base is what the “bullshit bunch”[republicans] want to happen….Then all of their investments-which are in foreign companies-will be profitable….They also want to leave more mess for president Obama to have to deal with…..WE all know what a bunch of dirty underhanded crooks they are and how sleazy their ways of getting their way…....

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By jr., December 13, 2008 at 5:01 am Link to this comment
(Unregistered commenter)

It seems really obnoxious that congress in that $14 billion package to bail out the automakers included giving a 2.8% pay raise to all federal judges who, are already salaried starting at $170,000+ a year.  Doesn’t congress know this their economy is in recession and unemployment is on the rise, double yuk!  Makes one wonder what congress was wanting in return from them their judges?

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By SteveL, December 12, 2008 at 2:47 pm Link to this comment

Let’s face it.  A full failure of the auto industry would not look good in the history books for the Bush administration.

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By Stephen Smoliar, December 12, 2008 at 1:59 pm Link to this comment

It’s funny that “knee-jerk” is general an epithet for liberals.  Now is seems more applicable to the entire Executive and Legislative branches, neither of which seem to be willing to invest time for serious deliberation:

http://therehearsalstudio.blogspot.com/2008/12/conspiracy-alarmism.html

Meanwhile, we can find more deliberative thinking in Germany (where no one has any voice in our own processes):

http://therehearsalstudio.blogspot.com/2008/12/thoughts-from-abroad-for-home.html

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