“then corporations might not need a rescue”
It doesn’t matter if they “need” a rescue or not. If they can get govt. money they have an obligation to shareholders to do so.
And there is no politician screaming, “Hey, wait!” Bush, a fellow who made his money off government/private partnership, Ranger’s stadium and eminent domain, has ruined the popular idea of conservatives being fiscally responsible and keep banks in control. They cannot even think about “regulations” because it’s stands as a philosophy legitimizing their existence, and fueling campaign contributions.
Unfortunately you're right. As the Bloomberg article notes, “Inclusion in this program will allow us to source our debt competitively with other participating financial institutions”, other financial institutions being those the government is lending to at lower rates. This was a poorly thought out, poorly executed plan.