Bush changes mind, may save auto giants

Politico ^ | | 12/12/08 9:36 AM EST | By MIKE ALLEN

[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."

[Conservative Vermont Vet]

AS AN ASIDE, AM I THE ONLY ONE WHO IS INTRIGUED AND CURIOUS BY JUAN MCLAME'S CONSPICUOUS ABSCENCE FROM THIS ENTIRE BIG AUTO BAILOUT? HE IS EVEN LESS VISIBLE THAN RHAM-BO EMANUEL.

AND HERE I THOUGHT HE WOULD BE RETURNING AS A (SELF-ANNOINTED) REPUBLICAN LEADER IN THE SENATE AND WAS CONCERNED THAT HE WOULD CONTINUE HIS "REACHING ACCROSS THE AISLE" ANTICS.

ANYONE HAVE ANY IDEA ON WHAT'S UP WITH THAT???

[ladyjane]

These politicians are supposed to represent *us* down in Washington, not the lobbyists and big money.

They’re lower than pond scum.

[WayneS]

THIS is what is gutting us.....WE TRUSTED HIM...and he slid a knife in our back.

Which is why, in the long run, I will probably end up despising GWB even MORE than I do/will BHO.

I NEVER trusted BHO - so I won't be diappointed when HE screws me, just very very angry.

I am both very very angry AND very very DISAPPOINTED with GWB.

[UCFRoadWarrior]

Wow...finally a post that makes sense..

As much as I despise Bush and his liberalism...reality has hit him...and the failure of the US auto industry will pretty much destroy the economy

Also....if Bush didnt do anything...and the auto industry crashes, taking the economy with it...the Dems will blame the GOP until infinity for damaging the economy

There should be no bailouts...but its a bad position to be in when you support bailouts of finance companies and not American industry.

Some of the “F—k America” extremism displayed by the Globalist element is really scary. Do we really want to buy all our products from foreign countries...and rely on their factories to make our war materiel...when we need it?

[Reagan is King]

Who needs liberal Democrats when you have liberal Republicans that do their jobs for them? Bush is now Reid and Pelosi's lackey in the WH.

Kudos to the Senate Republicans for finally showing some spine.

[Alberta's Child]

Some other corporation would merely purchase the assets and proceed to make cars without all of the legacy costs.

I believe that's exactly what happened when Nissan began operations in Smyrna, Tennessee -- in a former Big Three plant.

[April Lexington]

I feel your pain. Lots of days and nights in the trenches to get this guy elected and he turns out to be “less than hoped for.”

Its like watching a great man crumble. He had darn well pardon himself before he leaves office or he may have to seek political asylum somewhere else to avoid the vengeance of the Left. Our America is dead...

[RushIsMyTeddyBear]

[WayneS]

Sean Hannity.

[WayneS]

Sorry.

It should have read: That Blockhead Sean Hannity.

[deannadurbin]

It did get people that I know intimately banned from this forum, way back in 2000 when they tried to warn FR that Bush was a RINO skunk. :)

[Eagle50AE]

StinkyFinger just said:

Bush,Pelosi and Reid in same sentence : GREAT

Republican MINOROTY : BAD went against THEIR President

UAW : Did Everything OK

Talked to Wagoneer(sic) TODAY

Senator Corker : Bad

MoneyBags Paulson : Do Your Job and “Gimme Your Money Now”

Let's all go out and buy a GM UAW vehicle

F*** That !!

[April Lexington]

Well, McCain did appear rather senile on the campaign trail. I think his glory days are over. I worked for the Bob Dole campaign and it broke my heart to see that great old guy dottering along trying to beat the young, beautiful and corrupt as all get out, Bill Clinton. We need to stop pinning our hopes on the elderly. The American Idol trained voters want sizzle and we give them Gramps!

[mewzilla]

Related link....

UAW Wages

[rjp2005]

NO!!!

[erkyl]

Since the bailout money was supposed to go to the banks to get money flowing back to main street, and Bush seems hell-bent to help the auto industry, why doesn’t he force the banks to use some of their bailout money to shore up the auto makers with loans? Why does the auto industry need its own gubmint ‘bailout’? Don’t most companies go to banks for loans when they’re in trouble? So, we gave the banks some money already to put back in the credit market, so the auto companies can go to the stinking bank and get some of that money. And Bush can make them use it for that, since we gave it to them, right?

I hate this. I need someone to come and bail me out—I’m about to have to put two kids through college.

[dfwgator]

Bush can’t save squat.

[WayneS]

There should be no bailouts

You could have just stopped your post right there.

[WayneS]

Because they are a bad cresit risk.

[CodeToad]

“TARP funds apply to the auto business?”

I don’t think TARP funds had restrictions.