[peaceandlove]

Source: http://www.campaignforliberty.com

Update: 12/12/08 Treasury Vows to Prevent Auto Makers From Failing

The Treasury threw a lifeline to the beleaguered US car industry, saying it is ready to prevent the failure of auto makers until Congress reconvenes next month.

"Because Congress failed to act, we will stand ready to prevent an imminent failure until Congress reconvenes and acts to address the long-term viability of the industry," Treasury spokeswoman Brookly McLaughlin said.

Thanks to member r3V0Lution77 for the news link:

Bush Officials Vow to Save Auto Makers From Collapse

Full Article Here: http://www.cnbc.com/id/28193063

Excerpt:

CNBC.com With Wires | 12 Dec 2008 | 11:03 AM ET
The Bush administration, worried about a further blow to the US economy, said it was ready to step in and prevent the auto industry from collapsing after the Senate refused to pass a rescue bill late Thursday night.

"The current weakened state of the economy is such that it could not withstand a body blow like a disorderly bankruptcy in the auto industry," White House press secretary Dana Perino said.

The Treasury also said it is ready to help.

"Because Congress failed to act, we will stand ready to prevent an imminent failure until Congress reconvenes and acts to address the long-term viability of the industry," Treasury spokeswoman Brookly McLaughlin said.

The most obvious source of help was the $700 billion Wall Street bailout fund, also known as the Troubled Asset Relief Program, or TARP.

President Bush had originally refused to use the bailout fund to help the auto makers, insisting that aid come from Congress. But the White House said it must reconsider after the Senate failed to agree on a $14 billion rescue plan.

"Congress spoke last night. They don't have the votes to do anything," Perino told reporters on Air Force One as Bush traveled to a commencement speech in Texas. "They didn't get it over goal line and so we have to consider what other options we would take."

She declined to say when a decision would be made. Full Article Here: http://www.cnbc.com/id/28193063

SEE RON PAUL'S CAR CZAR SPEECHES IN THE HOUSE ON THIS THREAD, POST #5: http://projectavalon.net/forum/showthread.php?t=8758

Or here:
12/11/2008 Congressman Ron Paul's Strong Three Minutes Today regarding Federal Loans for U.S. Auto Companies

First Speech: Ron Paul "How Much is This Really Costing!"

"It's been a gross distraction of the great harm we've done in the past 6 months!"

http://www.youtube.com/watch?v=Uc1fD...orliberty.com/


Second Speech: 2nd Rep. Ron Paul Bailout Speech - Federal Reserve

http://www.youtube.com/watch?v=E6QJu...d=event_564887
__________________