Heritage analyst Andrew Grossman will be discussing the auto bailout with Wall Street Journal Former Detroit Bureau Chief Paul Ingrassia, Competitive Enterprise Institute General Counsel Sam Kazman, and Mackinac Center for Public Policy Senior Economist David Littmann. The panel can be seen live here at 10:30, and will also be …
My Heritage colleagues have already noted that the auto bail-out violates the terms of the TARP legislation by extending funding beyond “financial institutions.” It also appears the latest funding pledge to bail-out auto makers may have violated another Federal law, one normally taken quite seriously: the Anti-Deficiency Act. When Congress …
The Bush Administration’s disclosure that the Treasury Department had already transferred $5 billion in Troubled Asset Relief Program money to GMAC, and that another $1 billion had been promised to GM directly, represents a significant turning point in US economic policy. TARP has now been used, not just to restore …
Covering the Bush Administration’s latest attempt to save the free-market by abandoning free-market principles, The Washington Post reports: The new loans push the government’s planned investments under the financial rescue beyond the $350 billion that Congress has authorized; in order to make all the investments that Treasury Secretary Henry M. …
From the Detroit Free Press: Purpose: The terms and conditions of the financing provided by the Treasury Department will facilitate restructuring of our domestic auto industry, prevent disorderly bankruptcies during a time of economic difficulty, and protect the taxpayer by ensuring that only financially viable firms receive financing. Amount: Auto …
