Auto bailout could be announced by Wednesday

WASHINGTON (Reuters) - The Bush administration could act as early as Wednesday to approve an automaker bailout from its bank rescue fund, with conditions likely to reflect at least those approved by the U.S. House of Representatives last week, key lawmakers and other sources said on Monday.

A Treasury Department official said the agency and auto company executives continued to review financial and other information, and that no decision had been made. The White House is actively involved in the matter, officials said.

Treasury Secretary Henry Paulson said, however, the government would have to be satisfied the industry could survive and compete in order to receive help.

"We would have to assure ourselves that this was a step on the path to long-term viability," Paulson told Fox News.

House Speaker Nancy Pelosi, a California Democrat, says the administration will likely use part of the $700 billion fund established in October to stabilize the financial services sector, rather than pushing the companies into bankruptcy, as some lawmakers have urged.

"That would be my expectation and I think all the signals coming from the White House are that they know that bankruptcy is not an option and that (stabilization) funds are the only recourse that they have," Pelosi said at a news conference.

General Motors Corp and Chrysler LLC, which is owned by Cerberus Capital Management, have said they need immediate injections of cash to avoid near-term collapse.

Ford Motor Co is seeking a government line of credit to be used if its financial conditions deteriorate more than expected in 2009.

GM, FORD SHARES RISE

GM shares closed 3.6 percent higher at $4.08, while Ford closed up 4.6 percent at $3.18 on the New York Stock Exchange on Monday.

Auto sales have plummeted amid a global economic slump, worsening an already bad financial situation in Detroit. The companies and other bailout proponents say a rescue is necessary to avoid massive job losses during a recession.

Democratic Sen. Carl Levin of Michigan, who helped spearhead a $14 billion rescue proposal that failed in the Senate last week, told reporters in Detroit that he expects help for both GM and Chrysler to come from the bank rescue fund and suggested GM could receive about $8 billion.

The company has said it needs $10 billion to carry it through March.

The U.S. Treasury has committed all but $15 billion from the initial pool of capital in the financial bailout account.

Levin and two other people familiar with the administration's thinking said they believe a decision will be made as early as Wednesday.

Levin said he expected conditions would be similar to those in the bill backed by Democrats and the White House and approved by the House on Wednesday, which was opposed by Senate Republicans.

There could be additional provisions relating to equity that would go to the government in return for assistance, Levin said.

"The president made a deal with the House of Representatives. It passed the House and once the president makes a deal, he's not likely to walk away from it," he said.

Bush told reporters aboard Air Force One on Monday that an announcement was not imminent and the financial bailout fund was a potential source for an auto company rescue.

The House-approved measure included numerous requirements such as the appointment of a trustee, or "car czar" to oversee disbursement of funds and compliance with loan terms. The companies would be required to file restructuring plans by March 31 to qualify for further help and demonstrate their commercial prospects.

The "car czar" could recommend bankruptcy if the plans were unsatisfactory.

Levin said the "car czar" for the remainder of the Bush administration, which ends on January 20, could be Paulson.

Tennessee Republican Sen. Bob Corker, who opposed the bailout but sought a last-ditch compromise in Congress, has encouraged the administration to include tougher conditions.

These could include faster and deeper concessions than planned by the United Auto Workers and an agreement for bondholders to convert a sizable percentage of debt to equity to boost liquidity.

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Just days after Canadian pastor James Coates was released from prison for refusing to bow to COVID-19 lockdown restrictions, several police officers showed up at another church to ensure restrictions were being followed. But Polish pastor Artur Pawlowski of the Cave of Adullam Church in Alberta, Canada, knew his rights, telling the cops not to come back until they had a warrant in hand.

Filling in for Glenn Beck on the radio program this week, Pat Gray and Stu Burguiere played a video of the interaction.

"Please get out. Please get out of this property immediately. Get out!" Pawlowski can be heard yelling at the six officers who entered his church.

"Out! Out! Out! Get out of this property immediately until you come back with a warrant," he continued. "Go out and don't come back. I don't want to talk to you. You Nazis, Gestapo is not allowed here! ... Nazis are not welcome here! Do not come back you Nazi psychopaths. Unbelievable sick, evil people. Intimidating people in a church during the Passover! You Gestapo, Nazi, communist fascists! Don't you dare come back here!"

Watch this clip to see the heated exchange:

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One of the most dangerous existential threats to the United States is Critical Race Theory, or CRT. As Glenn Beck has exposed over the past year, CRT is gaining momentum and has been preached in our universities for a while now.

Then last August, leaked documents revealed that Marxism, activist ideology of Black Lives Matter, is making its way into grade school classrooms across the country. And since then, things have only gotten more intense.

On next week's Wednesday night special, Glenn will expose the new ways progressives are systematically indoctrinating our kids and culture with this dangerous ideology. But first, it's crucial that you know what your kids may already be learning.

"What I'm about to show you is just the beginning," Glenn said, introducing the leaked documents.

"I found it shocking that Black Lives Matter supporters have developed lesson plans that start from preschool all the way up to the 12th grade," he continued. "Do you know the money it would take to tailor things ... and get it out to the schools and the unions for each age, to be able to brainwash the kids on Marxism and how to destroy capitalism by using race, sexual orientation, and gender?

"Our children don't stand a chance," Glenn added later. "They're not being taught anything except how to be radical activists. What the hell has happened?"

Watch the video clip below or find the full episode here.


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During his campaign, President Joe Biden survived scandal after scandal involving his son Hunter — the Ukraine/Burisma scandal, the laptop scandal, the one involving a stripper from Arkansas and a long-lost child. And yet, after it all appeared to have been swept under the rug, Hunter has now released a memoir — "Beautiful Things."

Filling in for Glenn Beck on the radio program this week, Pat Gray and Stu Burguiere discussed Hunter's "horrible" response when asked on "CBS This Morning" if the laptop seized by the FBI in 2019 belonged to him and reviewed a few segments from his new book, which they agreed raises the question: Is Hunter trying to sabotage his father's career?

Watch the video below for more:


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Countless corporations — from Delta Air Lines, Coca-Cola, and Porsche to UPS and LinkedIn — are calling out the Georgia voting laws, calling them "restrictive," "racist," and "discriminative." Meanwhile, words like "stakeholder" and "equitable" are starting to show up in their arguments.

On the radio program, Glenn Beck gave the "decoder ring" for what's really going on here, because our society is being completely redesigned in front of our eyes.

There's a reason why all these big businesses are speaking out now, and it has very little to do with genuine ideology, Glenn explained. It's all about ESG scores and forcing "compliance" through the monetization of social justice.

Glenn went on to detail exactly what ESG scores are, how they're calculated, and why these social credit scores explain the latest moves from "woke" companies.

Watch the video below to hear Glenn break it down:

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