Treasury Ready to Prevent Failure of Automakers
2008-12-12 By John Brinsley and Roger Runningen - Bloomberg News
“'Because Congress failed to act, we will stand ready to prevent an imminent failure until Congress reconvenes and acts to address the long-term viability of the industry,' Treasury spokeswoman Brookly McLaughlin said ... "
Just when you think it can't get any worse ... Congress didn't "fail to act" they made a conscious decision (the correct one, too) which, apparently, Paulson has decided he can over-ride. He ignored Congressional intent on TARP once -- or a dozen times if you count all his TARP iterations -- and now he's doing it again. He apparently thinks the next Congress will make a different decision (quite possibly correct on that) but not the next Treasury Secretary? (Did he ask?) The man is foolish (I'm being too polite), arrogant, inconsistent, completely out of his depth, and now shows complete contempt for Constitutional "checks & balances".
(OK, I'm hopelessly old-fashioned, invoking the Constitution as a document that is still meaningful. Give the 9th & 10th Amendments a read some time, for a trip down 'Memory Lane'.)
JRB
12/12/08
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