Creeping socialism continues. Of the costs, anyway….From today’s Financial Times:
Treasury urged to aid car and insurance sectors
By James Politi in Washington and Joanna Chung in New York
Friday Oct 24 2008 17:50
The US Treasury is coming under increasing pressure to expand its financial rescue plan beyond banks to include direct assistance to the ailing car and insurance sectors.
In recent days, lawmakers and interest groups have stepped up their efforts to persuade the administration of George W. Bush, US president, to divert part of the $700bn authorised by Congress to a range of companies that were not originally expected to be helped.
The emergency legislation enacted this month gives the Treasury broad authority to buy any assets that are important for the stability of the US financial system.