How quickly we forget that Reagan did the same for Chrysler in the 80’s. The diff. was that the loan went to jump start the company that had new models coming on line. The loan was NOT to replenish union coffers like obama did to get campaign money come this election. Further, president Bush would not have told the preferred bond holders, who were the first creditors in line, to fly a kite like obama did. Finally, when obama took office he closed the dealerships who had a track record of supporting Republican presidents. Again, I doubt that President Bush would have done this against dealers who support dems.
That was wrong, too. Government should not save companies from their own bad decisions.
No, Reagan did not do the same. He did not give Chrysler one dime. He used the faith and credit of the federal government of the US to co-sign the loans and get preferred rates.
Chrysler was always on the hook. Reagan did the same for Harley-Davidson.
And the plan Bush put into place, illegally, already screwed the bond holders before Obama took over. By this time in his presidency he was calling it in.