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Reserving Judgment on Bush's Bailout Promise

Larry Kudlow is saying not so fast on the TARP bailout.

"Senate sources tell me that any TARP-money allocation might include the very same conditions proposed by Tennessee Sen. Bob Corker in legislation that broke down in a marathon session in the Senate list night."

Given that no one seems to know if TARP funds can even be used for an auto bailout it's hard to even speculate on possible terms and conditions that might be imposed on GM and Chrysler.

Kudlow also says,

"The Treasury wants to see the cash-flow data and get to the truth about GM and Chrysler. (Ford doesn't need the money.) And nothing will happen until these numbers are properly crunched. And the Treasury may well want to arrange for a built-in monitor -- something that might even look like a car tsar -- if any TARP money is dispersed."

My first question is, what cash flow? There is no cash flow unless, of course, Treasury treats legacy costs as described here by James Sherk at the Heritage foundation as a non operating expense. If Treasury chooses to exclude these legacy costs in their underwriting diligence then any potential loan from TARP could only be justified by mandating the terms of the Corker proposal.

Frankly, I was stunned by Bush's apparent acquiescence after the failed negotiations last night. Now I'm left to hope that Kudlow's warning may prove true.

We'll see.

HughS


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Comments (9)

Why isn't Chrysler owners (... (Below threshold)
Allen:

Why isn't Chrysler owners (some of the richest people in the world) using their own money to bail their investment out?

But I do agree that GM needs to open their books for everyone to see. I'm sure they don't want to do that, as it will prove the Management has really screwed everyone.

And quit building vehicles that Americans don't want, but are pushed down our throats. Can anyone honestly say they were contacted by the big 3 on what type of vehicle you wanted? I know, and all my friends, neighbors, etc were never contacted about this.

And shouldn't Wall Street also have to open their books? After all, it's all of us taxpayers who are footing the bill. And no oversight for Wall Street. Damn, what a sweet way to go for the ultra rich.

That Heritage Founda... (Below threshold)
dr lava:


That Heritage Foundation propaganda is such easily de-bunked bullshit but I am not surprised it is still being parroted around by the weak minded.

Why don't you guys just man up and say what you mean. You have nothing but contempt for the working man and unions that built this country. The GOP philosophy: refeudalization.

Policies the economic terrorist Bush adopted from the Heritage Foundation in 2000 are at the core of the economic collapse our country now faces.

A country that manufactures nothing is nothing.


That Heritage Foundat... (Below threshold)

That Heritage Foundation propaganda is such easily de-bunked bullshit but I am not surprised it is still being parroted around by the weak minded.

Man up lava, and debunk it yourself. In your own words. I'm waiting.

You can't and won't do it because you're not capable, and have never shown evidence here, of articulating an opinion that can't be found to have been cut and pasted from somewhere else.

You're a seagull commenter lava. Your delivery and content come from the same end.

Bush is trying to kick this... (Below threshold)
glenn:

Bush is trying to kick this can full of s**t down the road to BO and let him give taxpayer money to these failed businesses. I say good for Bush.

The TARP rules could easily... (Below threshold)
jpm100:

The TARP rules could easily be circumvented by giving a bank $15 billion, then they make a $14.5 billion loan to the auto companies and pocket $500 million for a short day's work.

Because that TARP thing was just so well executed.

Who is Larry Kudlow to give... (Below threshold)
Van:

Who is Larry Kudlow to give advice. I've heard him time and again make wrong predictions and given imporper advice that it is to the point of being funny now. His stance that the Big 3 should be left to die while at the same time ALL other foreign car makers are being given loans or bail-out money shows he goes over the top with his free market beliefs.

Hey Allen.........GM's book... (Below threshold)
Van:

Hey Allen.........GM's books have been reviewed by Delliote & Touche for over 2 years now. That is how the UAW/GM 2007 contract got settled. Workers now only make $14.00 per hours with no pension and pay $1.25 of that $14.00 per hour for health care for every hour that they work ($2600.00 plus per year).

Thanks!, ... (Below threshold)

Thanks!,

What is taken out of contex... (Below threshold)

What is taken out of context in Bible teaching today?
Body: How do so many Christian's fall for this rapture and mark of the beast theory?

We have learned that several million Christians failed to vote in this last election. I have also learned that the end times doomsday theology has a great influence into the mindset of many Christians today. A christian church having nearly a million members is claiming that December 14th will be the beginning of the tribulation period, and the trump will sound. I tried hard to influence a such people to vote this year! Why would they not want to vote? It was a contradiction to their religious convictions when according to them, America has already been judged by God.


Why not vote?
What was their hang up? Why vote if Christian's are caught up in a rapture to heaven, and when the anti Christ will dominate the world anyway according to prophecy? The most frightening thing coming is the popular 2012 date set for the rapture spreading anticipation like wild fire! It may draw many more Christians into a doomsday mentality, potentially hurting the next election much more so.

The conservative balance of power may be determined by such critical voters who may yet determine America's future. We need all christians to stay loyal to America, not the Rapture! What is wrong with this anti-christ beast theory? Look at Waco Texas, and David Koresh, and Jim Jones, and others. What happens when normal human beings are drawn into abnormal behavior by strong religious convictions coming from a doomsday theology! This hidden enemy exists within our conservative center, and it may already be doing far more harm than the liberal media has done to conservative causes.

Revelation 15:2 clearly states that the mark of the beast is something Christians must personally overcome to gain the victory through the blood of the lamb? This description and obvious wording in the Bible seem to identify mans fallen nature, not some computer implant which many wrongly speculate. Did Christ die for our sins, or did he die for computer implants? Is this not a ridiculous theology which millions of Christians have fallen for?.Lets list some rational truth's concerning this subject taken directly from the Bible.

The mark originated with Cain, in the Old Testament. Cain killed his brother Abel and sought to cover his sin by hiding his murderous crime. God asked Cain,where is thy brother? Cain said, I know not, am I my brothers keeper? Cain was marked after becoming the the example of satanic behavior God detests.

God then cursed the works of Cain's hand's, the ground he tilled no longer brought forth her strength. In other word's, a bad economy then followed the mark. Can we not identify this mark as Gods curse upon Cain's right handed works? Why? Cain had yielded himself to Satan's power by failing to bring forth good fruits, breaking Gods commandments.

It was Satan who was symbolized in the Bible as being the cursed beast (the Serpent) in the Garden of Eden. A type of snake bite, a beastly mark identifying the sin nature which Satan injected into mans heart, was being depicted as the mark of sin.

Later we learn in the New Testament that people who follow Cain like nature are also called beasts. "Jude 1.

The Bible gives us an even clearer example of this mark when Joseph's brothers sought to kill Joseph, and sell him as a slave into Egypt. The brothers then hid this sin from Jacob, their father. How? By killing a wild beast and placing an animal's blood upon Joseph's coat of many colors. How? By using an actual beasts bloodstain as if it belong to Joseph.. The brothers then lied to Jacob, by showing Jacob Joseph's coat with a marked bloodstain. They told Jacob that Joseph was killed by a wild beast. This false evidence convinced Jacob that his only birthright son was dead. This was the secret plan Jacob did not know. It was a mark upon Joseph's coat which was actually "the mark of the beast" and not coming from Josephs torn body .


The mark of the beast becomes a deception which hides and removes Gods will by replacing it with Satan's deception and plan. It was Gods will that Joseph become the birthright son. Suddenly, Joseph is removed from sight by the hidden cover up, The mark of a wild beast literally hid the lie, and removed true authority.


The brothers had sold Joseph to the Egyptians for money. Thus, buying and selling the beastly mark through deception for worldly gain. The interpretation of an anti Christ is to remove Christ's will, and then replace it with the mark of the beast, or Satan's power. God was being sold out through the lie, coming from a secret combination




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