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 ...
His GM sponsorship is clouding his thinking --to put it kindly.
Bush has been a big spender and failed to veto legislation that got us into the current economic mess. Now it’s all become crystal clear: It IS all Bush’s fault!
What a fool.
On middle east.
On illegal aliens.
On bailouts.
An absolutely disgrace of a Republican. Please, Free Republic, no more photos of him and Laura in the Rose Garden or whatever it is the cultists regularly post here.
You make the silly assumption that we have a government that is acting under any sense of the rule of law. It doesn't matter anymore exactly what federal money is allocated for, it's all money and it'll be spent any way the people in power feel like spending it.
Below is the story of how the Nissan plant came to be. As usual many of this forum have no understanding of the Auto industry and put out information that is just plain incorrect. Nissan built that plant-no one will pick up where the big three left off, we would merely lose our domestic auto industry period. This would devastating to our economy now and years down the road. I would ask that those of you who speak against saving our industry please check you facts. The Southern states subsidized these auto makers to the tune of millions of dollars as you can see by what I have posted. I hear Sen. Shelby may be investigated by the Senate as to certain improper agreements with the foreign transplants that involve kickbacks to his campaign. I certainly hope all the southern GOP senators who obviously are in bed with foreign transplants are investigated. I didn’t provide a link. I’m kind of in a hurry. I obtained this information about Nissan in 30 seconds via google. The Shelby think is rumor-no idea as to its accuracy. By the way Toyota has announced it is slowing production and cutting jobs in its North American operations. Ah, and so it begins. Anyone who ever believed these companies were ‘American’ should pay attention in the next year or two-maybe less.
The economic slowdown that resulted from closure of the Sewart AFB was only temporary. The economy of Smyrna prospered during the 1970’s and promised to improve in the 80’s following the announcement of Nissan, the first Japanese automobile manufacturer to build a plant in the United States, to make its home in Smyrna. The announcement and construction came at an ideal time as the national economy was experiencing a slowdown. The Nissan plant, the largest automobile manufacturing plant under one roof, was built on approximately 800 acres in record time with over 2,000 construction laborers working seven days a week. The first vehicle was produced in 1983. Nissan has been a good corporate citizen over the years providing steady employment to approximately 6,000 workers.
He's just a gas line and a sweater speech away from becoming the reincarnation of Jimmy Carter.
He'll probably start building houses for the homeless and trying to negotiate a peace settlement between Pakistan and India right after he leaves office.
Well I won’t be buying any more of their stuff any time soon.
I’m not going to run out and sell what I currently have, but I might actually go look at a Toyota truck the next time I am in the market.
I used to think Bush was a man of principle.
I have totally lost faith in Republicans. The good ones need to get out and start a new party or go independent.
If the bailout stays dead look for the MSM to flood the airwaves with tearful vignettes of heartbroken Michigan auto-worker families facing a jobless new year and pension-less future thanks to Scrooge McRepublican.
Bankruptcy means liquidation. The part manufacturers are already signaling they can not ship parts unless an agreement is worked out-no parts=no cars. Plants go down and liquidation begins. Millions of jobs lost-this economy can not withstand such a blow.
They wont bust the Union. What would happen is the contracts would be restructured. If the company and the Union couldn’t agree, the court would intervene. The current pensioners will most likely be covered by PBGC at 40%. Retired Health plans get scrapped.
“....I’d sure like to know what it is.”
He believes we all pray to the same God.
“I do believe there is an almighty that is broad and big enough and loving enough that can encompass a lot of people,” Bush said.
http://christianpost.com/article/20081209/bush-not-a-bible-literalist-talks-of-belief-in-god.htm
I've got to disagree with you on that, There is two auto industries working in United States, one of GM, Ford, and, Chrysler. and the other of Nissan, Toyota's, and, Honda and a few other. The first is basically centered in the northern states, and the second in the southern states. The first is run by corrupt politicians, bad management, and the UAW. The second is run by slightly better politicians and government, better management, and not so much of the UAW even though they are in some of these in those plants. Those Northern states like Michigan are the ones that are dragging the whole country down. To throw money at the northern corrupt system is a waste of money, let them crash and burn and let the other second batch of automotive companies come in and clean up the mess.
Yes too bad. It will be hard to come to grips with the truth so quickly. This whole damn government is a giant Pozi scheme in the process of coming apart.
“I have totally lost faith in Republicans. The good ones need to get out and start a new party or go independent.”
>>>>>>>>>>>...........
many here on FR and saying and thinking the same..
It will take a current conservative Senator or Congressman
to start the ball rolling..
1) No one seems to care about the Constitution (see Obama's birth certificate controversy), nevermind other laws.
2) Law is whatever judges and legislators want it to be at any given moment.
I'm, uh, pessimistic.
His family connections had nothing to do with getting him into Ivy League schools, I'm sure. The guy has the brainpower of an eighth grader. I'm not even joking.
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