SC Gov. Mark Sanford (and featured speaker at the 2007 Conservative Leadership Conference — watch video here) pens a well-timed letter to President Bush urging him not to use TARP funding to bailout the automakers.
"The American public was sold on the original TARP proposal based on the explanation that the banking industry held a unique and universal role in our nation's economy in providing credit to every business and family. If we now abandon that nexus to credit, every struggling industry would see itself potentially eligible for these funds. Your own administration made this very cogent argument only last week."