Requests for federal emergency funding are piling up, with the latest requests coming from cash-strapped cities seeking help to shore up budgets strained by sinking revenue, pension-plan losses and difficulty getting financing amid the credit crisis.
Sphere: Related ContentTalk in the marketplace about Detroit and Washington has been percolating about giving General Motors (GM) and the auto industry in general a bailout a la the TARP for the banking industry. GM is on the verge of running out of money. But a bailout for the flailing U.S. auto industry would be agony for taxpayers.
Sphere: Related ContentU.S. Sen. Jim Inhofe said Saturday that Congress was not told the truth about the bailout of the nation’s financial system and should take back what is left of the $700 billion “blank check” it gave the Bush administration.
Sphere: Related ContentAccording to Obama the government needs to save the economy.
The House GOP Leader also asked the Federal Reserve to comply with a Freedom of Information Act request seeking details about the loans. The Fed “should comply with this FOI Act request, and in the interest of full and fair disclosure, they must begin providing lawmakers and taxpayers all information about how they are using federal tax dollars.”
Sphere: Related Content“I don’t think anyone understands right now how we’re going to do proper oversight of this thing.” What a surprise this development is.
Plummeting sales, tight credit and a looming recession have left some of the biggest US car manufacturers fighting for their lives.
The US government could be entering a bottomless pit of bailouts if it starts propping up failing companies outside the financial sector —including the struggling auto industry, economists say.
Watch the video on the left as well.
The Federal Reserve is refusing to identify the recipients of almost $2 trillion of emergency loans from American taxpayers or the troubled assets the central bank is accepting as collateral.
Sphere: Related ContentWASHINGTON (AFP) – The US Treasury said Monday it would seek to borrow a record 550 billion dollars in the October-December period to help stabilize the financial sector hammered by the global credit crisis.
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