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 ...
Bush yahole !!!
I hope he gets indicted. What a traitor.
Don’t blame me! I voted for Steve Forbes! :)
“Bush - fooling conservatives since 2000! (TM)”
I guess Machiavelli was right............
The Socialization of America, presented by Jorge W. Boosh.
“Bush changes mind, may save auto giants”
There are no USA “auto giants”; there are no USA giant politions. (Well, maybe Bwany Fwank!)
Just when you think it can’t get any worse...it does.
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.
Yargghh why is GWB peeing in the punch?
He does have 30+ days to go, though.
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.
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.
“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.
Immediate bankruptcy. Wipe out equity. Write down debt. Drop wages to same as Toyota and others in US. Then start talking about giving money.
This is a flat out betrayal.
Just curious; what’s next? We haven’t had an airline bailout for a few years.
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