Sunday, November 9, 2008

TARP, Pelosi, Votes

The Washington Post and others are reporting that House Speaker Pelosi, after meeting with Ford and GM, have written a letter to Treasury urging them to give some TARP dollars to the auto industry.

This is so typical on many levels. Typical that there is money around and the auto industry is trying to get some. Typical that there is money to be given out and every politico wants a say in who it is given to.

TARP is the Troubled Asset Relief Program. The troubled assets in question are supposed to be mortgages, mortgage-back securities and credit default swaps. Not car companies.

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