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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsEx-President George W. Bush tells auto dealers he'd bail out automakers again
LAS VEGAS -- Former President George W. Bush, who extended bridge loans to the auto industry as one of his administration's last acts, told auto dealers Monday he would do it all again.
Bush gave the closing address to about 22,000 dealers and their families attending the annual National Automobile Dealers Association convention.
Bush told the audience he thought he would be able to ride off into the sunset in his last year as the nation's leader. But the financial crisis led to a meeting with Treasury Secretary Henry Paulson and Federal Reserve Chairman Ben Bernanke, who warned of a pending depression if drastic actions were not taken.
Bush said he was a believer in the marketplace and that corporations had to pay for their own problems or bad decisions.
"But sometimes circumstances get in the way of philosophy," Bush said. "I would make the same decision again."
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http://www.freep.com/article/20120207/BUSINESS01/202070436/Ex-President-George-W-Bush-tells-auto-dealers-he-d-bail-out-automakers-again
ProSense
(116,464 posts)what Rove is up to? Republicans are taking the recovery of the auto industry hard. From December 2008.
By DAVID E. SANGER, DAVID M. HERSZENHORN and BILL VLASIC
WASHINGTON The emergency bailout of General Motors and Chrysler announced by President Bush on Friday gives the companies a few months to get their businesses in order, but hands off to President-elect Barack Obama the difficult political task of ruling on their future.
The plan pumps $13.4 billion by mid-January into the companies from the fund that Congress authorized to rescue the financial industry. But the two companies have until March 31 to produce a plan for long-term profitability, including concessions from unions, creditors, suppliers and dealers.
In February, another $4 billion will be available for G.M. if the rest of the $700 billion bailout package has been released.
Even before the March 31 deadline, it might fall to the Obama administration to persuade Congress to release the second $350 billion of the Treasury Departments huge financial system stabilization program a request that the Bush administration is reluctant to make.
http://www.nytimes.com/2008/12/20/business/20auto.html?pagewanted=all
KansDem
(28,498 posts)And this statement is laughable: Bush said he was a believer in the marketplace and that corporations had to pay for their own problems or bad decisions.
Weren't you the one who gave us TARP?
liberal N proud
(60,302 posts)The republicans are trying to blam Obama for the comeback of Chrysler and GM.
Response to Renew Deal (Original post)
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