Auto Bailout and TARP proving bad deal “shell game”
Last week the Treasury Department finalized its $1.5 billion loan to the financial armof Chrysler (a privately held firm ). That follows a $6 billion government "investment" in General Motors lending arm, GMAC.
The money came from the $700 billion "Troubled Asset Relief Program," which even some California Republican Congressmen supported. But conservative national Congressional Republicans are upset that the money for the auto bailout is coming from "TARP," and among the reasons is the fact that it allows a sort of "shell game" to occur, where some members can claim to the public that they opposed the auto bailout (but really supported TARP, which is funding the auto bailout), or supportedthe auto bailout, (but opposed TARP). It is all a mess, because some members actually do try to play games with their votes, and try to "have it both ways." It gets confusing to a less informed, "outsidethe Beltway" public. When I worked for Howard Jarvis he would occasionally refer to the Congress as "535 clowns." Ithink that is a bit harsh, however, when I… Read More