FED’s stand ready to USURP power over Congress…again!

CNBC reports that Treasury spokeswoman Brookly McLaughlin said, “Because Congress failed to act, we will stand ready to prevent an imminent failure until Congress reconvenes and acts to address the long-term viability of the industry.” This is a clear and flagrant violation of the Chairman of the Board-Federal Reserve

The White House plans to act by possibly tapping into the TARP fund. White House press secretary Dana Perino said, “Under normal economic conditions we would prefer that markets determine the ultimate state of private firms.” Perino further stated, “However, given the current weakened state of the US economy, we will consider other options if necessary, including use of the TARP (bailout) program to prevent a collapse of troubled auto makers.” Read article by clicking here.

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