Kudlow: TARP Isn’t a Done Dealby Tim Manni
CNBC’s Lawrence Kudlow has sources which tell him that the TARP deal for the Detroit auto makers is not done — not by a long shot:
At a minimum, it’s going to take the Treasury several days to … see the cash-flow data and get to the truth about GM and Chrysler. (Ford doesn’t need the money.) And nothing will happen until these numbers are properly crunched. And the Treasury may well want to arrange for a built-in monitor — something that might even look like a car tsar — if any TARP money is dispersed.
Ample time as well to re-sample public opinion, which according to various polls finds a majority of the American public opposed to bailing out Detroit. That, plus high levels of constituent feedback, led one Republican senator to warn that such a widely unpopular bailout could lead to “people rioting because they’re losing their jobs when everybody else is being bailed out.”