Home > Uncategorized > Paulson’s Message to Detroit: Drop Dead – Seeking Alpha

Paulson’s Message to Detroit: Drop Dead – Seeking Alpha

Treasury Secretary Henry Paulson delivered tough talk directed at Congress rejecting any notion of allocating one penny of his $700 billion Troubled Asset Relief Program [TARP] towards the relief of the battered U.S. automotive sector. Mr. Paulson’s testimony is a death blow to Detroit, Michigan and the Rust Belt at-large. The Heartland, a region decimated by the collapse of U.S. manufacturing, is indeed on life support. Mr. Paulson must reason that America shall function normally while its midsection remains under cardiac arrest.

The Big Three are lobbying Washington for an additional $25 billion from the Treasury – double the original $25 billion package approved to meet environmental directives implemented at the behest of the Energy Department. Says Paulson, “there are other ways” to resuscitate the dying industry – intimating that bailout package dollars shall be exclusive to financial companies. Paulson, a Democrat, has emerged to lead a group of hawkish, free-market Republicans that have dismissed rescuing Detroit from a debacle that is of its own doing. (via Paulson’s Message to Detroit: Drop Dead – Seeking Alpha)

This aint my problem …

Hank Paulson is clearly saving his TARP hoard for the banks he loves – for the next few weeks. The auto industry can survive for the next few months – after which …

Obama can deal with the auto industry problem.

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