Democrats in congress, who are generally (but not entirely) more open to the idea of bailing out the “Big 3″ Detroit automakers, have a new plan for how to get the car companies the money they need with out approving more billions in money for failed businesses: Use some of the 700 Billion they already approved for failed businesses — the big investment bankers.
ABC news reports that Democrats are asking the White House to funnel some of that money toward Detroit:
The White House and Treasury Secretary Henry Paulson have rejected the notion of using money from the so-called TARP – a $700 billion package passed by Congress in October to stabilize the financial industry.
But in a letter Thursday night, Democratic leaders in the House and Senate told President Bush he must commit funds from either the TARP or the federal reserve or they will be unable to pass anything in Congress.
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The Detroit automakers will have succeeded in spending over $6 BILLION this year alone on branding and marketing that nobody cared about…and we think their problem is that they can’t BUILD cars? My worst fear is that they get the bailout cash, actually use it to do good things within the companies, and then consumers remain unconvinced to buy. I’ve written about it today at DIM BULB: http://tinyurl.com/68bopd.