“‘Taxpayers are subsidizing a legislative agenda that is inimical to their interests and offensive to what the whole TARP program is about,; said William Patterson, executive director of CtW Investment Group, an activist group affiliated with a coalition of labor unions. ‘It’s business as usual with taxpayers picking up the bill.” Sigh. The WP’s Dan Eggen reports on GM and a host of financial firms using bailout money to lobby for the status quo. “Major recipients of federal bailout money spent more than $10 million to lobby lawmakers in the first three months of 2009, including arguing against pay limits for corporate executives, according to newly filed disclosure records.“
Tag: Auto Bailout
GOP to Big 3: Drop Dead. | WH to the Rescue?
“‘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.’” After Senate Republicans manage to kill the auto bailout bill — apparently, GOP conservatives wanted to see more arbitrary union-busting therein — the Dubya administration, to its credit, announces it may just move ahead anyway. “A precipitous collapse of this industry would have a severe impact on our economy, and it would be irresponsible to further weaken and destabilize our economy at this time.”
I can’t say I ever expected to pat this administration on the back for broadly interpreting its legislative mandate. But, we live in strange times, I guess.
Said Michigan Governor Jennifer Granholm of the bailout bill’s demise in the Senate: “Their no vote is an astounding blow. They have chosen to ignore the livelihood of 3 million Americans, 3 million families, and in the process have chosen to drive the American manufacturing industry — and perhaps the American economy — into the ground.” Said Republican L. Brooks Patterson of his party’s behavior in Congress: “The arsenal of democracy is under attack by the arsenal of hypocrisy.” (The world markets didn’t like it much either.)