Here's hoping Larry Kudlow's source is right:

But my sources tell me that the TARP deal is not done — not by a long shot.

At a minimum, it’s going to take the Treasury several days to walk through the financial numbers and gather all the facts before it takes any action. The Treasury wants 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.

Senate sources tell me that any TARP-money allocation might include the very same conditions proposed by Tennessee Sen. Bob Corker in legislation that broke down in a marathon session in the Senate list night.

Taxpayers are being asked to bailout the industry on the condition it becomes genuinely competitive so that future bailouts are not needed, and the UAW agrees, except for the part about becoming genuinely competitive so that future bailouts are not needed.

As the American taxpayer is essentially being asked to step in and become part of the companies' management, we have the right and duty to drive as hard a bargain as possible. We need full value on our money.

Thanks to CJ.

Now It's a Done Deal? The latest update to this post says so. But with what conditions, if any, we don't know.

KKKonspiracy! At the Corner, liberal blogger Josh Marshall's conspiracy theory is revealed -- the GOP is just opposing the bailout to get "payback" against the unions, Michigan, and Ohio, all for supporting Obama.

Posted by: Ace at 11:30 AM | Comments (56)
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Yeah, yeah, blah, blah.

"This was just simply subterfuge on the part of the minority in the Republican Party who wanted to tear down any agreement that we came up with," UAW President Ron Gettelfinger said at a press conference, declaring "the auto industry around the world is in peril."

Intense negotiations broke down over the union's refusal to meet GOP demands for wage cuts. Corker, the architect of the Republican counterproposal to the House-approved bill, told FOX News that negotiators were "just three words away from a deal."

But Gettelfinger said Republicans were holding the union to a "double standard" and trying to applying an undue burden on their workers.

He questioned whether Republicans had an ulterior motive, but said the union was nevertheless willing to negotiate.

"Quite frankly, we wondered if we were just being set up," Gettelfinger said. "And I say that because there's no question the UAW has demonstrated leadership throughout this process, and there were some in the Senate who we felt resented that. "

...In terms of hourly wages, the pay scales are similar. For instance, General Motors says the average UAW laborer makes $29.78, while Toyota says it pays about $30 per hour.

The difference is in the benefits, however. GM's hourly labor costs (including pensions and health care) total $69 for active workers. Toyota's total about $48 per hour at older U.S. plants.

They wanted the money and they didn't want to do anything that would address the structural imbalance between American automakers and their foreign competitors who produce cars here while making a profit.

Also, he's wrong (well more likely lying/spinning) in blaming the Republicans for the vote last night. Enough Republicans crossed the line to vote with the Democrats, it's just too many Democrats voted against the UAW. Funny how that doesn't get mentioned.

Meanwhile, the Treasury Department, "will stand ready to prevent an imminent failure" of an automaker.

Posted by: DrewM at 10:16 AM | Comments (86)
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Getting him off the stage

Atty. General Lisa Madigan called on the Illinois Supreme Court today to temporarily remove Gov. Rod Blagojevich from office and appoint Lt. Gov. Patrick Quinn as acting governor, "so the business of the state of Illinois can go forward."

Madigan said she wants the court to bar Blagojevich from directing state contracts along with a broad range of state business.

One of her goals is to prevent Blagojevich from using his power to appoint a U.S. senator to replace President-elect Barack Obama, who abandoned the seat as he prepares to enter the White House.

Just to add a little bit of fun to the ongoing story, an attorney from the Heartland Institute writes in the Chicago Tribune that the case against Blagojevich is "legally doubtful." Enjoy.

UPDATE [Drew M.] Blago's Chief of Staff and co-defendant resigns.

Posted by: Slublog at 09:06 AM | Comments (125)
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America's best in action, taking the fight to the bad guys.

A harrowing, nearly seven-hour battle unfolded on that mountainside in Afghanistan's Nuristan province on April 6, as Walton, his team and a few dozen Afghan commandos they had trained took fire from all directions. Outnumbered, the Green Berets fought on even after half of them were wounded -- four critically -- and managed to subdue an estimated 150 to 200 insurgents, according to interviews with several team members and official citations.

Today, Walton and nine of his teammates from Operational Detachment Alpha 3336 of the 3rd Special Forces Group will receive the Silver Star for their heroism in that battle -- the highest number of such awards given to the elite troops for a single engagement since the Vietnam War.

Later in the article it's explained that 'subdue' means kill. Why they used a passive word like that I haven't a clue. Beyond that stupid word choice, it's a great article and well worth your time, you know if American heroes killing bad guys is your thing. One might even say this story of courage, skill, selfless sacrifice and success might make a good movie. Nah, that's just crazy talk.

While the awards and recognition are well deserved it's obviously not why these men do what they do.

The raid, the soldiers say, proved there will be no safe haven in Afghanistan for terrorists. As for the medals, the soldiers see them as emblems of teamwork and brotherhood. Not valor.

"When you go to help your buddy, you're not thinking, 'I am going to get a Silver Star for this,'" Walding said. "If you were there, there would not be a second guess on why."

Thank God they are on our side.

(h/t to Dave in Texas who emailed me the WaPo story literally as I was reading the AP version. Moronic minds think alike you know).

Posted by: DrewM at 07:43 AM | Comments (55)
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The predictable White House Statement.

It is disappointing that while appropriate and effective legislation to assist and restructure troubled automakers received majority support in both houses, Congress nevertheless failed to pass final legislation. The approach in that legislation provided an opportunity to use funds already appropriated for automakers, and presented the best chance to avoid a disorderly bankruptcy while ensuring taxpayer funds go only to firms whose stakeholders were prepared to make the difficult decisions to become viable, competitive firms in the future.

Under normal economic conditions we would prefer that markets determine the ultimate fate of private firms. However, given the current weakened state of the U.S. economy, we will consider other options if necessary – including use of the TARP program -- to prevent a collapse of troubled automakers. A precipitous collapse of this industry would have a severe impact on our economy, and it would be irresponsible to further weaken and destabilize our economy at this time.

While the federal government may need to step in to prevent an immediate failure, the auto companies, their labor unions, and all other stakeholders must be prepared to make the meaningful concessions necessary to become viable.

Last night's efforts failed when the UAW refused to agree to wage parity between US automakers and non-union foreign manufactures with plants here in the US.

I wonder how the lower paid but profitable non-union workers at Honda and Toyota plants here in the US feel about their taxes going to prop up their overpaid and bankrupt competitors.

If the White House uses TARP money to bridge the Big Rapidly Shrinking 3 to early next year and there are no meaningful strings attached, then the UAW's game of chicken will have paid off. It's not like the new Congress, with less Republicans, is going to impose the kind of conditions like Bob Corker and other Senate Republicans were working on yesterday.

Posted by: DrewM at 07:07 AM | Comments (104)
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Oh, joy, Geraldo and Greta have something to do this weekend.

"Enliven." Really?

I'm reminded of a zinger from an amusing, but otherwise unremarkable film:

"I know you're just a reporter, but you used to be a person, right?"

I suppose somebody must watch this stuff (otherwise, why the relentless, panting coverage?), but I have a strict change the channel policy whenever they do these stories. Or the kidnapped-coed-of-the-month. Or any time Shep Smith shows up.

Thanks to Kevin.

Posted by: Gabriel Malor at 05:47 AM | Comments (43)
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"Daft, pointless, and thankfully brief", "preachy and dull", "collection of cliches."

But you already knew that.

The "global warming action film" is in wide release today. Normally I'd be excited about a film wherein an alien destroys great chunks of humanity. But I have no desire to be lectured about the evils perpetrated upon poor, innocent Mother Earth. I can turn on Discovery, National Geographic, or CNN for that.

Oh, Also While I'm Thinking About It: It's impossible to escape chatter about the Golden Globes (or any of those award shows) here in L.A. so I did take a peek at the list. The only one that gets my full recommendation is In Bruges. It's really not what you expect, but believe me when I say that both Colin Farrel and Brendan Gleeson deserve "Best Actor (comedy or musical)" for this film. It's a shame they can only give out one award. Warning: this film was a comedy (I did end up laughing out loud) but it's a dark comedy.

Posted by: Gabriel Malor at 05:31 AM | Comments (117)
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TGIFF.

Posted by: Gabriel Malor at 04:52 AM | Comments (28)
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Because the UAW wouldn't make the compromises necessary to keep the venture alive.

The reforms Corker insisted upon are reasonable, and the fact the UAW won't contemplate them puts lie to the notion that anything will change without a crisis to force the change.

Manana, Manana: The UAW said no changes for three years.

Which is really an attempt to avoid changes entirely, of course. Get the bailout now, then work to overturn any conditions later.

GM Retains Bankruptcy Counsel: I sense this might be a bluff, an attempt to underscore how desperately they need taxpayer money.

If not -- eh. If you're bankrupt, you should get a bankruptcy lawyer probably, I'm thinking.

Posted by: Ace at 07:16 PM | Comments (250)
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It seemed as if Republican opposition in the Senate had killed the auto bailout earlier today but nothing is ever really dead in DC. Shockingly, there was a bipartisan Group Of unknown size involved in bringing it back to life.

A bipartisan group of senators reached tentative agreement Thursday night on an emergency $14 billion bailout for U.S. automakers, the Senate's top Democrat said. Majority Leader Harry Reid said the lead Republican architect of the deal was briefing colleagues on the compromise, and Democrats were prepared to move forward on it quickly.

"We're ready to go," said Reid.

His announcement came after hours of marathon talks at the Capitol between labor, lawmakers and the auto industry to salvage the Big Three rescue. The talks centered on possible wage and benefit concessions from the United Auto Workers union as well as large-scale debt restructuring by General Motors Corp., Ford Motor Co. and Chrysler LLC.

The details of the agreement weren't immediately known, and it was not clear whether Republicans senators — who revolted against an auto bailout the Bush White House negotiated with congressional Democrats — would go along.

Leaders stressed that the deal wasn't final.

"All issues are still on the table," said Sen. Dick Durbin of Illinois, the No. 2 Democrat, as he emerged from the talks.

But it was clear lawmakers had made substantial progress toward getting the auto industry aid back on track, and members of both parties were in search of an accord.

"We've got some issues still to resolve but we all want to resolve them," said Sen. Bob Corker, R-Tenn., who led the closed-door talks for his party.

No word yet on any riots breaking out.

What Corker wanted to do was give the "Car Czar" more power to force concessions from the UAW.

Corker has put forward an amendment that would give a federal "car czar" the power to force the Detroit three into bankruptcy if they didn't comply with certain restructuring goals, which would include tough concessions from the unions. Senate GOP leader Mitch McConnell praised Corker's amendment in his speech today.

The danger here for conservatives is that Corker comes out of negotiations with a watered-down version of his original proposal, but one that still sounds tough enough to garner significant Republican support. If that happens, there's a chance that Harry Reid can get the 60 votes he needs to bail out the Detroit three.

Republicans get rolled by Democrats? Surely you jest!

I put the question mark in the headline because it's not done yet but let's be honest, there's no way Congress can do nothing. I'm not saying they shouldn't but the fact is when these things happen, Congressmen and Senators seem compelled to do something, whether it helps or hurts.

UPDATE: Chris "Friend Of Angelo" Dodd is blaming Senate Republicans for killing the auto industry. Heh. He said the only issue they couldn't come to agreement on was the pay cut that would create parity between US manufacturers and foreign manufacture here in the US. Dodd said the UAW agreed to that, they just wouldn't agree to setting a date when it would happen. Which you know, is not exactly agreeing on it.

Corker is speaking now, he said Republicans told Democrats and the UAW to 'pick any day in 2009' and they said no. Perhaps I'm too cynical but it seems like the union wasn't really serioius about that whole parity thing after all.

Debbie Stabenow from Michigan is claiming that the Republicans only want to screw workers by cutting their wages. It's almost like she has no fucking clue about the economics of the auto industry or something.

Apparently the UAW wanted the wage parity part of the plan to wait until 2011 when their current contract expires.

Reid says it's dead until next Congress starts up in January. He suggests that Bush should use TARP money to get the automakers through. more...

Posted by: DrewM at 05:12 PM | Comments (148)
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