Skip to comments.In Delphi scandalís wake, Obama Treasury Dept. shares credit for auto bailout with Bush
Posted on 09/26/2012 11:23:40 PM PDT by Nachum
President Barack Obamas administration is sharing credit for the 2009 auto bailout with the George W. Bush administration, as pieces of the Delphi salaried retirees pension scandal start to come under fire from three different House committees.
Current and former Treasury officials have explained in congressional testimony in 2009, 2010, 2011 and 2012 that the previous administration provided temporary loans to General Motors and Chrysler to avoid uncontrolled liquidations of these companies at a time when our economy and financial system were already severely stressed, Assistant Secretary for Legislative Affairs Alastair Fitzpayne wrote in a Sept. 24 letter to House Education and Workforce Committee Chairman Rep. John Kline.
President Obama agreed to extend that assistance provided that the companies produced viability plans showing how they could become competitive.
The statement from one of the Treasury Departments highest-ranking officials that Bush not Obama initiated the auto bailout stands in contrast with the rhetoric Democrats have pumped on the campaign trail. As recently as at the Democratic National Convention in early September, Vice President Joe Biden cited the auto bailout and the killing of Osama bin Laden as Obamas biggest successes heading into the home stretch of the election season.
Osama bin Laden is dead and General Motors is alive, Biden is fond of saying.
(Excerpt) Read more at dailycaller.com ...
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Am I getting this right? obama saved the auto industry; except where there is a scandal..then it was all Bush’s idea?
Man, you need a score card, don’t you?
“provided temporary loans”
Um.....isn’t “temporary” the definition of “loan”?
President Bush had nothing to do with the ‘restructuring’ of the auto industry.
This group of creatins that can not tell the truth will be the end of this nation. There are consequences for loss of trust.