The White House has issued the following statement regarding the Senate's failure to pass the Big 2.5 bailout:

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.

In other words... Fuck Congress... I'm going to do it anyway.  The TARP program, while hated by many including me, actually did include provisions which said that it was only to be used to bailout companies that were involved in the financial industry.  The Big 2.5 don't meet that criteria.  Therefore, using that money for that purpose would be illegal.  I would suggest that if any money's are given to the Big 2.5, George Bush immediately be arrested and tried for breaking Federal Law, and sent to a Federal "Pound Me In the Ass" Prison.

But of course... that won't happen... which may be the ultimate goal of Congress' failure to act.  There are many in Congress who are fearful of their constituents if they voted for the auto bailout.  Unfortunately Paul Ryan wasn't fearful enough.  But most in Congress still would like to see it done.  Not because they feel it will actually help those companies survive.  Rather, they want them under their thumb, so they can push other politically popular ideas on them against their will.  But how do they do it, without being blamed...

And they figured it out.  Bush has already shown so much disdain for the rule of law, and the limits of executive power, that everyone knew that if Congress failed to pass the bill, he would do exactly this.  And so Congress gets to have it both ways.  They get their bailout, George Bush takes the blame, and the taxpayers get screwed.

I'm sure there are some that would argue then that Ryan was going a good thing by voting for the bill in the House.  After all, that inserts some kind of accountability, where now there will be none.  You see Nick, he was doing good!  Voting for a bill that should never be passed, because you fear the King will do it anyway, is not reason to vote for something.  It is reason to hold the King accountable for breaking the law.  That is the appropriate response... not buckling in to his demands, which have no legal, or Constitutional basis.

Of course, John Washburn was saying all this months ago.