(1) AUTHORITY- The Secretary is authorized to establish the Troubled Asset Relief Program (or âTARPâ) to purchase, and to make and fund commitments to purchase, troubled assets from any financial institution, on such terms and conditions as are determined by the Secretary, and in accordance with this Act and the policies and procedures developed and published by the Secretary.
Of course, GM is not a financial institution. Congress was unfortunately powerless to stop Bush, and later Obama, from giving away cash to General Motors. And yes, TARP is still outstanding and has never been repealed. The treasury provides daily updates.
I recall that the state of Michigan was willing provide Detroit with funds, in exchange for allowing an outside group review their book keeping. That idea was turned down.
Was reading that Moody's credit agency is now worried Detroit could be bankrupt in a year or two. With the way the economy is going, and now the President asking for another 200 billion dollar + stimulus, I wouldn't be surprised if that happened to Detroit.
...Detroitâs fiscal clock is ticking down again as the city faces running out of money by the end of the year unless a political squabble between the mayor and city council can be resolved.
Without a resolution, the state of Michigan will not release cash to keep the city running. Mayor Dave Bing, who contends that bankruptcy or bond defaults are not on the horizon, is prepared to put city workers on unpaid leave to keep the struggling local government operating.
Credit rating agencies are warning that political and legal obstacles could derail plans to get Detroit back on solid financial footing. Moodyâs Investors Service last week pushed the cityâs credit ratings deeper into the junk category and warned of a heightened risk of bankruptcy or default over the next year or two.
Weâve often noted that Detroit and California are textbook cases of blue model failure. The blue model not only gets cities and states into serious trouble; itâs also unable to get them out. Detroit suffers from a lot of problems, including serious political corruption that makes good governance almost impossible. But its biggest problem is the failure of political imagination. As the city falls to avert its coming fiscal collapse, all its leaders can do is keep digging with the same tools that got them there.
"Now They Tell Us The Economy Stinks"
excerpt from the article:
Little noticed in President Obama's "fiscal cliff" plan is a demand for a huge new stimulus package. Wait! Wasn't he and everyone in the press telling us just before the election how the economy was gathering steam?
In addition to the $1.6 trillion in new taxes on "the rich" that Obama demands, he's also pushing for upward of $255 billion in new stimulus spending for next year â including $50 billion for roads, $30 billion in extended unemployment benefits and various short-term tax breaks.
According to the New York Times, the administration's argument is that "the sluggish economy requires a shot in the arm."And, indeed, the Times paints a rather grim picture of the current economic situation.
Data show "the recovery once again sputtering," it reported Tuesday, adding that the "underlying rate of growth (is) too slow to bring down the unemployment rate by much." Manufacturing and exports are lagging, it noted, while consumers and businesses are "holding back" and "wage growth is weak."
What's more, the Times says, economic data have "come in surprisingly weak," and forecasters have "slashed their estimates of growth in the fourth quarter." Macroeconomic Advisers thinks annualized GDP growth will be just 0.8% this quarter.
Now they tell us. In the crucial last few weeks before the election, the mainstream media were falling over themselves painting a rosy economic picture. Every upbeat bit of data made it to the front page; any bad news got buried.
In fact, one month before the election, the Times ran a story touting all the "signs of growing economic strength" and boasting how the country was in the midst of a "steadier recovery than previously thought."
That same day, a USA Today story prominently quoted a source as saying "the economy is finally beginning to build some momentum."...
The same mindset employed by Republicans when it comes to pork projects?
I checked wikipedia on Pork Projects real quick.. the first one named other than in the 19th century was:
One of the most famous alleged pork-barrel projects was the Big Dig in Boston, Massachusetts. The Big Dig was a project to relocate an existing 3.5-mile (5.6 km) section of the interstate highway system underground. It ended up costing US$14.6 billion, or over US$4 billion per mile. Tip O'Neill (D-Mass), after whom one of the Big Dig tunnels was named, pushed to have the Big Dig funded by the federal government while he was the Speaker of the United States House of Representatives. 
You didn't actually think the Democratic Party was free of pushing numerous ridiculous earmarks.. did you?
The government âmight have been ableâ to arrange a strategic bankruptcy for GMAC, as it did for General Motors and Chrysler, preserving its automotive lending arm while dealing with the mortgage lending operations that brought it down, the panel found.
In one passage, the report concluded that GMAC became âone of the five largest wardsâ of the government even though it was âa company that apparently posed no systemic risk to the financial system, that did not seem to be too big to fail, too interconnected to fail, or indeed, of any systemic significance.â
The government owns a 56.3 percent stake in GMAC, which started in 1919 as the in-house financing arm of G.M. and was spun off in 2006. It is now projected that $6.3 billion from the bailouts, which were provided in December 2008 and in May and December 2009, may never be repaid.
Along with the Treasury money, GMAC also used emergency loan programs run by the Federal Reserve and the Federal Deposit Insurance Corporation.
apparently GMAC stands for Government Mortgage and Auto Credit..
Congress has to appropriate any funds spent by the government.
Do you really think Obama just signs the checks?
I remember 4 years ago Obama said the exact same thing to a little girl about immigration reform. It was a lengthy reason as to why he couldn't just stop deporting certain people (alone).. he explained that it had to go through the proper governmental process. He further explained that why he have branches of government and how bills becomes laws etc.. Then a couple months ago he did EXACTLY what he said he could not do.
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