(graphics h/t goes to bg. thx!)

Detroit is one step closer to the TARP – or, as FT Alphaville cleverly calls it, the TERP – or, as I am re-christening it yet again, the trough:

Democratic lawmakers Monday plan to unveil a bill that would give the Big Three auto makers access to the $700 billion Troubled Asset Relief Program set up in October to help ailing banks and other financial firms. As written, the legislation wouldn’t include auto-parts makers.

Parts makers are seeking to change that in a letter signed by nearly 100 companies and being sent to the House and Senate on Monday. In the letter, the Motor and Equipment Manufacturers Association, a trade group, will ask that its members get equal access to TARP funding sought by the car makers.

The proposal is more of the same, that is, a multibillion-dollar bailout masquerading as a program to bolster “fuel efficiency,” basically adding another $25bn to the $25bn already allocated to Fail City from the Department of Energy. Politicians claim it should have “strict” terms, and if we may be so bold as to suggest a few, they would involve such radical notions as hiring management with a clue, designing reliable cars someone might actually want to purchase, and not asking us for any more money. Thanks!

BTW, something tells me the Detroit Lions will be next at the TARP, asking Hank Paulson for some help at quarterback.