Big Three Bailout Dead; White House Signals TARP Action

The White House, Washington, D.C. [Creative Commons license by dcjohn]

December 12, 2008

Creative Commons license by dcjohn

With the collapse of the Congressional bill to offer $14 billion in loans to the Detroit automakers, attention turns this morning to the White House, to Wall Street and to the UAW.

The White House signaled this morning that it may open the TARP fund of $700 billion--established to resuscitate the financial markets--to the automakers.

While the Bush Administration dithers over a TARP infusion into Detroit, Wall Street is opening for Friday trading, and at the opening bell shares dove by more than 230 points.

Meanwhile, the UAW is planning a morning press conference to spell out why the union shouldn't be fingered for blame in the late-night collapse of the Congressional deal.

More to come as the news rolls out this morning.

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