carolyn

Bloomberg.com: Exclusive

NYMomof2

Yes, it certainly is. I heard about this a little while ago, and found it shocking.

-Allmusic-

And yet there is all this need for oversight, micromanaging, business planning, czarring, etc. for a $14B LOAN to the auto industry.

Vderon

^^ Seriously. I can't believe this is legal.

menloparkmom

my bet is this will change really fast come january, when the new congress is in session.

carolyn

I don't know about that Menlomom -- most of the people in congress whose idea it was to write a free check with our money will still be in congress. And, both Obama and Biden voted for TARP without demanding any additional oversight, and Geithner was part of the team that dreamt this idea up in the first place, so it's unlikely that they'll suddenly call for more oversight when they take over (although we can hope they might be more transparent with how the money is being spent). My hunch is this is only the beginning, and I am not heartened to see Bush and Paulson talking about using some of the TARP money for the auto bailout.

Again, I would recommend that people read a book called The Forgotten Man. The smilarities between the Hoover/Roosevelt years and the Bush/Obama years/proposals are quite interesting.