| Submit your comments on this article |
| Economy |
| White House Says Bank Bailout Law Gives it the Power to Take Ownership of General Motors |
| 2009-06-04 |
| (CNSNews.com) - The $700-billion financial industry bailout legislation approved by Congress last fall gave the Obama administration all the authority it needed to take ownership of General Motors this week, White House Press Secretary Robert Gibbs told CNSNews.com. On Monday, President Barack Obama announced the federal government was granting another $30.1 billion in aid to GM and taking ownership of 60 percent of the automaker as it enters bankruptcy. When asked by CNSNews.com to explain "why specifically the government should be able" to take "control of 60 percent of a company" and put $30 billion in it "without direct congressional authorization," Gibbs said the following: "Well, I think the money is based on the Troubled Asset Relief [Program], and is related to money that was approved in the prior administration through that program to deal with, as they had in the past administration, they were dealing with loans to cover--basically to bridge the operating costs," he said. "Obviously, you know the history of this," said Gibbs, "the companies sought additional money, and the president believed that their restructuring plans weren't sufficient enough to meet the requirements of viability--and he's asked them to go back. We've seen one company emerge from bankruptcy with a buyer and another company there now." |
| Posted by:Fred |
| #11 Welcome to the USSA. |
| Posted by: DMFD 2009-06-04 21:06 |
| #10 Besides, the One doesn't need Congressional approval to do something. He won. He can just issue an executive order and it is so. |
| Posted by: Rambler in Virginia 2009-06-04 20:48 |
| #9 Sounds a lot like Social Security. |
| Posted by: Nimble Spemble 2009-06-04 17:43 |
| #8 Hitler never produced many of the "People's Car" - it was a funding scam. They made people pay in monthly to get one, but never produced enough to even begin fulfilling the "demand". It was only after the war that the VW took off. |
| Posted by: mojo 2009-06-04 17:08 |
| #7 Auuuug! das Farfegni**en? |
| Posted by: Besoeker 2009-06-04 17:04 |
| #6 If you didn't know, VW has been called "Hitler's Revenge" ever since. |
| Posted by: Mstrmech 2009-06-04 15:40 |
| #5 Yes, and one of the first things Hitler did was to get involved in the autombile industry (Volkswagen). |
| Posted by: Spanky Hupolulet1473 2009-06-04 15:36 |
| #4 GM stock is 74 cents and rising? |
| Posted by: Mstrmech 2009-06-04 14:58 |
| #3 If Congress doesn't act on this, that will mean, for all intents & purposes, that Congress agrees. |
| Posted by: Anguper Hupomosing9418 2009-06-04 12:19 |
| #2 |
| Posted by: AlmostAnonymous5839 2009-06-04 11:46 |
| #1 "I won". |
| Posted by: g(r)omgoru 2009-06-04 05:18 |