Bailout Watch 156: Pelosi's Back Door Plan Emerges

I’ve received a few emails upbriading the site for OCDing on the bailout story. My only defense: TTAC has covered this story for well over three years. We are the clear path through the blizzard of bailout B.S. being bandied about by bailout backers. While we glean our info from the usual suspects, our editorial eye is fixated on the details and implications that other outlets miss, ignore or bury. For example, this Automotive News [sub] story reveals the fact that the cappi di tutti cappi di automobili left their sit-down in Nancy Pelosi’s Washington office “through a hidden exit from the office suite of Senate Majority Leader Harry Reid sometime around 6:30 p.m. Security personnel kept reporters at a distance.” THIS is how OUR politicians spend OUR tax money? In closed-door meetings with a coven of craptastic carmakers? OK, no surprise, but it’s clear the important questions are not being answered– if only because the principles involved are literally sneaking away into the night. So, anyway, here’s the latest teat-sucking scenario…

“Aides who helped plan the meetings described a two-part request: An infusion of an unspecified amount of money from the Treasury or the Federal Reserve to get through, or “bridge,” the current economic crisis and $25 billion in new low-interest loans to fund retiree health-care benefits. The requests would be on top of $25 billion in low-interest loans approved in September so automakers and suppliers can retool to build vehicles that are more fuel efficient.” So $25b already allocated, $xb to stop them going out of business and $25b to keep them stopping from going out of business for a while longer. Does any of this make sense? I mean, really?