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November 20, 2008

Auto Bailout "Compromise" Reached, By Which We Mean Bailout Supporters Win

I didn't understand the dispute over whether the already approved (and already spendthrift) $25 billion in loans to create more energy efficient vehicles should be used for the bailout, versus carving out $25 billion from the TARP bailout. Wasn't it $25 billion either way?

Well, no, Ed Morrissey explains. The bailout promoters wanted both that $25 billion in energy-efficiency-promoting loans and a fresh $25 billion in new loans for a sweet, sweet $50 billion haul.

So, we "won" -- they won't have their fresh $25 billion in loans, but they get the $25 billion already authorized, which will be "restructured," i.e., turned into a general slush fund for any purpose.


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posted by Ace at 02:11 PM

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