Re: Snatching Defeat

This account explains precisely why the White House move to loosen the TARP funds is so destructive:

[Sen. Bob] Corker said he told Ron Gettelfinger, the head of the union, in a phone call Friday morning that “we are so close,” but that the labor chief “is of the belief that there really is no reason to re-enter these conversations” because the White House seems likely to dig into its $700 billion financial rescue package for loans to the industry.

Lovely. The Republican President gives away the store, undercutting the Senate Republicans’ effort to get the UAW to act responsibly. Of the many foolish political moves and misguided policy decisions of the Bush presidency, this would rank fairly high. If it comes to this, Congressional Republicans might consider court action for misappropriation of funds by the Treasury without proper legislative authority.