Posted by Bossip Staff
As many of you are already fully aware of, the bailout just went through Bush’s scrawny hands and he has officially passed the buck:
This new agreement gives General Motors and Chrysler a total of $17.4 billion between now and February. After January 20th, the challenge of “What to do about the Detroit Three?” will be squarely in the lap of the new Obama Administration, which was Bush’s prime motivation in crafting this deal. It’s a classic Cover Your Ass retreat action by Bush, made to unravel completely after the Obama Inauguration because the mandates in the agreement are not really mandates – they’re all still negotiable. It took less than 24 hours for Treasury Secretary Henry Paulson to change his position from refusing the Detroit Three access to Troubled Assets Relief Program (TARP) funds, to his “getting religion” and agree with President Bush that, of course, sure, why not? … The loan money for the Detroit Three should indeed come out of the $700 billion TARP ($350 billion left), created to bailout – not loan to – the financial industry.