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 ...
Bush can do what he wants with tarp-hence the frothing at the mouth Dem behavior-no strings were attached to this money. I am not in your camp as I support a loan to the Auto industry, but the facts are the facts.
I am sure they already have them ready. All conservatives should immediatly abandon the Republican Party and get a new one going. What good are they doing us?
ya know....all things considered he is head and shoulders over Gore or Kerry....
Though that aint saying much.
I would vote for him again over a Gore, Kerry, Hillary or Zerobama. that is why I voted for McQueeg. the opposition were such dooooshbags that I felt I had no choice. Hopefully 4 yeears of a Kenyan presidency will bring a real conservative out of the woodwork. I can only hope and pray.
I would have stopped there...had their not been bailouts...supported by the GOP.
The banking bailout had a lot of GOP House and Senate members voting in favor of it....there were actually a lot of Dems who voted against it
Interesting with this auto bailout....the Senators who led the fight against it had no problem with their states using taxpayer dollars to subsidize FOREIGN automakers...this bailout stuff is nothing new
So Bush wants to give his political enemies who tried everything to destroy him a final kiss on the head and at the same time deliver a sneering slap in the face to those who supported him? Wow. Why am I not surprised?
Me as well.I refuse to pay payments to the little 3 while they also extort MY tax money.They don't realize it yet,but they just reduced their market share even more.
Yup. Bush just said F#$% the GOP.
I will try one more time...this is a manufacturer. They can not live with their inventory...bankruptcy =no parts. Thus, they can not continue to operate. It is not possible. We have a loan or we have a liquidation period.
A bunch of em. From the South.
I'd support a loan under Senator Corker's conditions.
Some of those pensioners are in their early 50’s. They should get nothing until they’re early 60’s
Ummm...your Toyota truck will contain a lot of GM made parts..as GM and Toyota have a partnership
Which is why the foreign automakers stock is reeling now...they all have joint deals with US automakers...and if the Big 3 go under....the foreign automakers will take a hit as well...
The joys of Globalism....
Why doesn’t he just crawl into a hole and go away?
Exactly. There is no other way to interpret this.
Like Lancey says, he goes out kissing his enemies and b-slapping his friends.
It's the look on William Wallace's face as he stares in astonishment at Robert The Bruce on the field at Falkirk.
You nailed it. Count me in on that one, and I live in the Peoples Republic of Michigan. I am so sick of the UAW.
I would not be surprised to see Bush switch party.
These CINOs bend over so easily.
“icnonic institutions”
Why not just call them pyramids?
Who will buy their plants and equipment? Other car companies.
Millions of jobs lost-this economy can not withstand such a blow.
Unless the people who purchase the assets are planning on destroying the assets, the assets will be used to produce cars at whatever volume the market dictates.
A lot of jobs will be lost in the process, but the alternative is make-work jobs, in essence, hiring people to dig and fill holes. That benefits no one, except unprincipled politicians.
socialism restored by a Republican President...Bush is truly awful for conservatism.
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