Via Michelle Malkin comes a link to an argument that using TARP money to bail out the Big Three would be illegal.
It’s a pretty convincing case. Then again, President Bush is famous among lefties for allegedly not caring about the law. Whether that’s a fair characterization or not, the fact remains that he has been discussing it, according to numerous news reports.
The possibility of a TARP bailout may be the only thing that kept the market from diving 1000 points today, as I had predicted last night. If Bush doesn’t dip into TARP to help the Big Three — and I’m not saying he should — we may see the stock market ugliness that we mostly missed today.
Meanwhile, at The Jury Talks Back, Scott Jacobs has an amusing statement from the Big Three that will bring a bitter smile to your face.