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Legality of auto rescue being questioned

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Legality of auto rescue being questioned

BY SARAH A. WEBSTER

FREE PRESS AUTOMOTIVE EDITOR

It happened in 1979.

It happened again in 2009.

Nobody wants it to happen again, but decades from now — who knows — another Detroit automaker could need emergency help from the federal government.

By then, however, legal experts might have a better sense of the legality, or not, of such assistance. Or at least how to make sure the aid is given in a legal manner.

An article by Dennis K. Berman in today’s Wall Street Journal debates the legality of the 2009 bailout, suggesting that the $80 billion or so in aid received by General Motors and Chrysler through the Troubled Asset Relief Program was not legal under the details of the TARP legislation.

TARP funds were designated by Congress for financial institutions “established and regulated” under U.S. law — not industrial companies, Berman writes.

For now, nobody is legally challenging the water that already passed under this bridge.

But the next time Detroit automakers find themselves in crisis, they might.

link:

http://www.freep.com/article/20101207/BLOG40/101207018/1210/business01/Legality-of-auto-rescue-being-questioned

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rule of law doesn't matter, we saved the world!!! we are supermen!!! USA #1!!! The world needs to give us a pat on the back!!!

bleh.

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I'm as free-market as the next guy, but frankly, the massive losses of jobs and American manufacturing power would be far more criminal.

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I'm as free-market as the next guy, but frankly, the massive losses of jobs and American manufacturing power would be far more criminal.

well, what if it was illegal... as illegal as having you thrown in jail for the rest of your life w/o a trial? and doing so saved a million jobs, would you be ok with that?

i know i know, i'm pulling that one out of left field, but this isn't where it stops... like the excerpt said, if it isn't decided what it is..... it will be done more and more. jobs come and go, if the law is not set in stone, everything is relative, and what that comes down to is life is relative, some people will be favored and the rest will be neglected. won't WE be happy when republics/democracies become nothing more than words to mask tyranny of old? hello dark ages again!

not specifically you Turbo, but anyone pushing for the greater good, rationalizing away what law is supposed to do, is getting your feared rule by "religion"...aka, whatever the people in power think should be done...."divine right" will return.

Edited by loki
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... if the law is not set in stone, everything is relative, and what that comes down to is life is relative, some people will be favored and the rest will be neglected.

That's what is called the 'real world'...reality is contexual and complex...nothing is cast in stone, or black and white...more like shades of gray. Laws have to be interpreted in their context. You strict constitutionalists view everything too simplistically.

Edited by Cubical-aka-Moltar

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That's what is called the 'real world'...reality is contexual and complex...nothing is cast in stone, or black and white...more like shades of gray. Laws have to be interpreted in their context. You strict constitutionalists view everything too simplistically.

oh, so you speak of theories?

i like how you "ed real world, cause obviously the only real world that exists is the one you claim is real, or the one someone else claims is real....there are 6billion+ "real worlds"

murder is illegal, but self defense isn't... yet the "State" murders people and calls it justice, yep... that's way to complex for me!!!

saying something is to complex for most anyone to understand, is just calling it magic/voodoo/"theistic". gravity is still a theory to nail down the exact details, yet we all know early in science class, or maybe earlier in life, that gravity makes things pull to each other, like a weak magnet. we don't have to know the endless details of one thing to know what it means and how it could effect other real things. gravity is part of reality, and it is constant, set in stone, black and white(till you get to the near femto range)

"nothing is cast in stone" is breaking it's own reality!!!!!!!! reality doesn't exist!!!!! AAAHHHHHHH!!!!....

Edited by loki
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The thing is, changing TARP to accommodate the automakers probably wouldn't have been a big deal anyways; unless perhaps financial institutions figured they deserved all the money and attention, and were vocal about it. Which I'm sure they no doubt did as that would be consistent with their pre-recession philosophies that bailing out anyone else but themselves was tantamount to 'socialism.'

For what it's worth, GM is (or was?) a financial institution that extends credit through GMAC.

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For what it's worth, GM is (or was?) a financial institution that extends credit through GMAC.

and it's not part of GM any more..? i know it's Ally....but that was actually a good thing from, well, whatever happened.(bailout/bankruptcy) trying to be an everything company, and lost sight of it's main purpose... like the Iphone, most people would say it's only ok at being a phone...gm did the same to their core product.

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