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December 12, 2008

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Dan Hossley

The TARP enabling legislation does broadly define a "financial institution", but it limits the treasury only buying assets of troubled financial institutions.

It doesn't say that the treasury can give money away or loan money to troubled institutions. So what will GM sell the taxpayer?

edh

Don't all three car producers operate credit or finance companies?

If need be, why can't the Treasury lend to them so that they can, in turn, lend to their manufacturing parent company?

Wouldn't that satisfy any technical requirement?

in_awe

Really? So this is what we have come to in this country? Really?

The intent of the Congress and the administration could not have been clearer during what passed for debate. TARP was to bailout institutions that functioned primarily in financial transactions. There was no sidebar that TARP was actually intended to cover all industries from pet food to automaking to ski resorts.

I know that the attorneys and the courts have been perfecting for years now the art of ignoring legislative intent. But that has mostly involved intent and commentary of the long dead Framers of the Constitution - it is easier to brush those aside with an intervening 200 years. But it takes real hutspah to disavow intent with only 2 months since passage of the legislation.

Do lawyers seriously wonder why they are so distrusted by the public?

John C. Randolph

The congress has been eagerly shirking their constitutional duties for quite a long time. They delegated the power to declare war to the president, they gave the treasury secretary a blank check to spend more freshly-inflated money than any person has ever been allowed in the history of the country, and who honestly expects them to do anything at all to stop another massive theft from everyone to pay off their campaign contributors?

-jcr

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