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Bush changes mind, may save auto giants
Politico ^ | | 12/12/08 9:36 AM EST | By MIKE ALLEN

Posted on 12/12/2008 7:04:08 AM PST by meandog

Bush changes mind, may save auto giants

Facing the potential bankruptcy of iconic American firms, President Bush on Friday abandoned his longstanding objection to using using the Wall Street bailout fund to help save G.M., Ford and Chrysler.

A frustrated Republican congressional official said: "If only they had said this last week, we could have saved ourselves a full week."

Ten hours after the Senate rejected a separate lifeline for the automakers, White House Press Secretary Dana Perino said in a statement it would be "irresponsible" to let the companies crash. So she said Bush will "consider other options," including the $700 billion Troubled Assets Relief Program that Congress created for the Treasury Department in October.

"Under normal economic conditions we would prefer that markets determine the ultimate fate of private firms," Perino said in a statement. "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."

(Excerpt) Read more at politico.com ...


TOPICS: Breaking News; Government; News/Current Events; US: Michigan
KEYWORDS: 110th; automakers; bailouts; bds; bush; deathofthewest; duhbeyah; grandtheftauto; manufacturing; shrub; suckstobehim; worst; worstprezsincecarter
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Bush--The legacy of a skunk!
1 posted on 12/12/2008 7:04:09 AM PST by meandog
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To: meandog

Bush yahole !!!


2 posted on 12/12/2008 7:05:11 AM PST by misterrob (Smooth talkers win at singles bars and in politics .. often with similar outcomes for the listener)
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To: meandog

I hope he gets indicted. What a traitor.


3 posted on 12/12/2008 7:05:34 AM PST by screaminsunshine (.)
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To: meandog

Don’t blame me! I voted for Steve Forbes! :)


4 posted on 12/12/2008 7:06:23 AM PST by KingSnorky
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To: meandog

“Bush - fooling conservatives since 2000! (TM)”


5 posted on 12/12/2008 7:06:41 AM PST by oscars300
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To: meandog
There was a time when posting the following image might have gotten someone banned from this forum:


6 posted on 12/12/2008 7:07:03 AM PST by P-Marlowe (LPFOKETT GAHCOEEP-w/o*)
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To: meandog

I guess Machiavelli was right............


7 posted on 12/12/2008 7:07:13 AM PST by Red Badger (Never has a man risen so far, so fast and is expected to do so much, for so many, with so little...)
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To: meandog
Wait just a darned minute there - what about Congress holding the purse-strings?
How can Bush just dole out cash like that - isn't Bush's (supposed) overreach of power in other areas what drove the Libs crazy? Shouldn't the Libs now rally 'round Mitch McConnel to put an end to the power-grap by the Executive branch????
8 posted on 12/12/2008 7:07:47 AM PST by Psalm 73 ("Gentlemen, you can't fight in here - this is the War Room".)
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To: meandog

The Socialization of America, presented by Jorge W. Boosh.


9 posted on 12/12/2008 7:08:09 AM PST by South40
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To: meandog

“Bush changes mind, may save auto giants”

There are no USA “auto giants”; there are no USA giant politions. (Well, maybe Bwany Fwank!)


10 posted on 12/12/2008 7:08:40 AM PST by Bertha Fanation
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To: meandog

Just when you think it can’t get any worse...it does.


11 posted on 12/12/2008 7:09:16 AM PST by truthkeeper (It's the borders, stupid.)
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To: meandog
Impeach him.

He has no authority to do this.

If the Gov’t goes around the will of the people and the Congress, drag him in front and impeach him.

This abuse of power and socialism has to stop. Enough.

12 posted on 12/12/2008 7:09:20 AM PST by BGHater (Obama is a Neocon.)
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To: meandog

Yargghh why is GWB peeing in the punch?


13 posted on 12/12/2008 7:09:56 AM PST by mylife (The Roar Of The Masses Could Be Farts)
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To: P-Marlowe
Not even close to being worse than Jimmah Carter.

He does have 30+ days to go, though.

14 posted on 12/12/2008 7:10:37 AM PST by South40
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To: meandog

I predicted this right here yesterday morning. Charles Krauthamer said the same thing last night on Special Report. I was glad to see that the media reported that the UAW was responsible for the collapse of a compromise. They have been and continue to be the major problem for the Detroit automakers woes.


15 posted on 12/12/2008 7:10:49 AM PST by Old Retired Army Guy (tHE)
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To: meandog

If he does this, I sure hope his post-presidency speaking tour is already booked, because there won’t be much market for it otherwise.


16 posted on 12/12/2008 7:11:06 AM PST by FrankR (“Turtle up”, economically, for the duration of the 0bamanation.)
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To: meandog

“Bush changes mind, may save auto giants”

#####

Stupid headline.

The ONLY thing that MAY “save” the auto giants is to be completely destroyed and re-made, preferably sans the UAW.

Throwing money at the utterly broken auto industry is just kicking the can down the road, and not very far down the road at that.


17 posted on 12/12/2008 7:11:18 AM PST by EyeGuy
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To: meandog

Immediate bankruptcy. Wipe out equity. Write down debt. Drop wages to same as Toyota and others in US. Then start talking about giving money.


18 posted on 12/12/2008 7:11:38 AM PST by Fractal Trader
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To: meandog; P-Marlowe

This is a flat out betrayal.


19 posted on 12/12/2008 7:11:53 AM PST by xzins (Retired Army Chaplain, Pro Deo et Patria)
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To: meandog

Just curious; what’s next? We haven’t had an airline bailout for a few years.


20 posted on 12/12/2008 7:12:07 AM PST by maclay (We've been Baracked)
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To: meandog

Once you lose your auto industry you will not easily get it back. That’s a significant chunk of America’s manufacturing sector at risk: leaving that to crash and burn has got to have a long-term effect on America’s industrial capabilities. I would have thought that effect to be a bad one.

What alternatives does Bush realistically have to doing some sort of bail-out?


21 posted on 12/12/2008 7:12:21 AM PST by DieHard the Hunter (Is mise an ceann-cinnidh. Cha ghéill mi do dhuine. Fàg am bealach.)
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To: meandog

I was just listening to the UAW President, Ron Gettlefinger, whining about the fact that there where Senators that wanted the unions to give up some things. The fact that they where unprepared to give up anything.

Quite honestly, the fellow p**sed me off. My thought’s are that if this guy would be willing to personally take a pay cut - and all other union lard-a**es along with him - I might think about listening to their proposals.

Bush - what a disappointment this fellow has been. He never seems to have missed an opportunity to stick his hand into the American public’s pocket. It makes one wonder if zero is going to be much worse?


22 posted on 12/12/2008 7:12:31 AM PST by JoeVet
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To: meandog
Doesn't Bush know that money can't buy love?

They will still hate and mock him.

23 posted on 12/12/2008 7:12:43 AM PST by Jess Kitting
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To: meandog

As I posted elsewhere :
“I can deal with a depression..
I can’t deal with a Socialist Government..
To me that would be the last straw..
I would have to look to Thomas Jefferson for advice
on handling a non responsive and possibly illegal government “


24 posted on 12/12/2008 7:12:56 AM PST by Robe (Rome did not create a great empire by talking, they did it by killing all those who opposed them)
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To: meandog
WHAT THE HELL HAPPENED TO BUSH???
25 posted on 12/12/2008 7:13:06 AM PST by pgkdan
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To: South40

Don’t you mean Jorge W. Arbolito?


26 posted on 12/12/2008 7:13:10 AM PST by zek157
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To: meandog

Reagan would’ve fired them.


27 posted on 12/12/2008 7:13:20 AM PST by al_c (Avoid the consequences of erudite vernacular utilized irrespective of necessity)
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To: meandog

Seems there was a movie about some college kids trying to convince folks that “Bernie”, was still alive.

Think of Bernie as the big 3, and Congress and the White House as the college kids.

You can’t “SAVE” someone who’s already DEAD!!!


28 posted on 12/12/2008 7:13:33 AM PST by G Larry (Barack’s character has been molded by extremists)
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To: pgkdan

Yes...I know I’m screaming!


29 posted on 12/12/2008 7:13:37 AM PST by pgkdan
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To: meandog

Idiot.


30 posted on 12/12/2008 7:14:05 AM PST by reagan_fanatic (I'll give Obama the same amount of respect the left gave Bush)
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To: JoeVet
Bush - what a disappointment this fellow has been. He never seems to have missed an opportunity to stick his hand into the American public’s pocket. It makes one wonder if zero is going to be much worse?

You ain't seen nothing yet!

31 posted on 12/12/2008 7:14:15 AM PST by CharacterCounts (1984 was supposed to be a work of fiction, not a how-to manual.)
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To: meandog
White House Press Secretary Dana Perino said in a statement it would be "irresponsible" to let the companies crash.

Why?

And, parenthetically, why are politics and mainstream news the only two industries where it's acceptable to beg the question as a matter of course?

32 posted on 12/12/2008 7:14:15 AM PST by Doohickey (The more cynical you become, the better off you'll be.)
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To: meandog
It doesn't look to me as though there was any changing of Bush's mind. He sought cover of Congress the first time around, but when Republicans thwarted his Third Way venture there, he's apparently chosen to work the same effect via his Treasury Secretary, who already has sufficient fiat currency authorized to him to make this happen.

HF

33 posted on 12/12/2008 7:14:17 AM PST by holden
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To: meandog
This would be stupid. If things are so desperate that they're this close to failing and can't get private money to keep going then throwing money at them is waste of money.

I think the auto executives are smart. They saw a source of revenue that's going to have practically zero accountability and they're trying to get a piece of the pie. Smart, but not ethical.

34 posted on 12/12/2008 7:14:42 AM PST by DouglasKC
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To: JoeVet

I think this guy is starting a war;/


35 posted on 12/12/2008 7:15:13 AM PST by Hanna548 (s)
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To: Robe

Amen. It’s about time to water the tree.


36 posted on 12/12/2008 7:15:14 AM PST by pgkdan
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To: meandog
Bush changes mind, may save auto giants...

Mr. Bush hasn't changed his MIND, at all - only his tactics. He has been single-mindedly determined to bail-out the U.S. auto industry since their recent "troubles" were made public (and probably before).

Being forced to use funds from the previous " bankers' and billionaires' " bail-out to achieve this IS a bit of a set-back; but the bankers and billionaires can always come back LATER to further engorge themselves at the public trough.

37 posted on 12/12/2008 7:15:19 AM PST by WayneS (Respect the 2nd Amendment; Repeal the 16th)
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To: meandog

NO BAILOUT!!!!!!!!!! If they can’t survive on their own, let them go into Chapter 11 and reorganize, or go out of business!

Out of the Big Three, I think Ford is the one who will survive. They’ve got a good CEO, some amazing products coming (most notably, the Ford Fusion Hybrid), and have already been moving towards efficiency.

If they can’t settle it out of bankruptcy, then they need to:

-Declare Chapter 11
-Eliminate their debt
-Wipe out the pension/healthcare obligations
-Eliminate the union contracts and impose new ones, with much lower (but sustainable) pay rates
-Bring Ford’s Camaçari-style manufacturing to the USA, no matter how much the UAW whines, cries and screams
-Find a way to break up the UAW, once and for all!


38 posted on 12/12/2008 7:15:27 AM PST by wk4bush2004 (Let the sound of intercession meet Your ears......)
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To: meandog

It’s like people think “bankruptcy” equals “vanished into thin air”. Just like people, if corporations go bankrupt, they don’t cease to exist.

Let ‘em go bankrupt - the sun will still be shining the next day.


39 posted on 12/12/2008 7:15:56 AM PST by 2 Kool 2 Be 4-Gotten
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To: Old Retired Army Guy

Earth to Gettlefinger...UAW will lose all the jobs. Nobody can buy cars cause they are broke you dope. They better wise up or they will all be unemployed soon.


40 posted on 12/12/2008 7:16:09 AM PST by screaminsunshine (.)
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To: maclay

I could use a cash infusion.

Send that cash to me..mylife, “getting ever skeptical”
At 1600 Pennsyltucky Ave, Anytown, USA


41 posted on 12/12/2008 7:16:39 AM PST by mylife (The Roar Of The Masses Could Be Farts)
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To: P-Marlowe

Not any more, I hope.

But in all seriousness, I think that mantle will be worn by Jimmy Carter for a long time to come... possibly as long as four years.

;^)


42 posted on 12/12/2008 7:16:42 AM PST by WayneS (Respect the 2nd Amendment; Repeal the 16th)
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To: South40

>”He does have 30+ days to go, though.”<

-At the rate these bailouts are going, he just might get there. Not that Zero is going to do anything different, besides spend spend spend.


43 posted on 12/12/2008 7:17:25 AM PST by FBD (My carbon footprint is bigger then yours)
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To: meandog

Ok FReepers, now is the time to write the White House and voice your opposition to a Bush big 3 bailout.


44 posted on 12/12/2008 7:17:34 AM PST by pappyone (New to Freep, still working a tag line.)
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To: meandog

These union yahoos refuse a pay cut and Bush is going to pay it with our tax money? He is out of his mind.


45 posted on 12/12/2008 7:17:42 AM PST by Fawn ("Never trust anyone who doesn't like cats")
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To: maclay
Yes, I seem to recall several years ago that they refused to bail out the airline I was working for at the time. They filed bankruptcy and guess what... they're still flying. Barely, but still.

Of course, the Republicans were in charge then, and they weren't the absolute joke that they've become since.

46 posted on 12/12/2008 7:18:20 AM PST by ponygirl
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To: P-Marlowe

There was a time when posting the following image might have gotten someone banned from this forum

That’s the truth.


47 posted on 12/12/2008 7:18:43 AM PST by tennmountainman
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To: P-Marlowe

I’ve always been afraid to refer to him as *


48 posted on 12/12/2008 7:19:14 AM PST by ichabod1 (You won't know obammunism is here until it puts a boot in your (fat) bottom.)
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To: meandog
NOOOOOOOO -

Please restructure and get the UAW back in check...

Yes...the good 'ol UAW, who is telling news reporters they were "negotiating in good faith" and "holding their ground"

....Okay....WHICH ONE IS IT? - BUNCH OF LIARS!

49 posted on 12/12/2008 7:19:14 AM PST by NordP (PALIN POWER: She's Reagan in heels, Teddy Roosevelt in a dress & like Rummy at a press conference!)
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To: 2 Kool 2 Be 4-Gotten
It’s like people think “bankruptcy” equals “vanished into thin air”. Just like people, if corporations go bankrupt, they don’t cease to exist.

Even if GM shuttered its doors today and went out of business, the plant, equipment, labor, and most of all market still exist. Some other corporation would merely purchase the assets and proceed to make cars without all of the legacy costs.

50 posted on 12/12/2008 7:19:41 AM PST by CharacterCounts (1984 was supposed to be a work of fiction, not a how-to manual.)
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