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 ...
Yes Bush is a liberal Globalist....but some of the people who are blasting his latest move on the auto industry are really the “F—k America” crowd.
Some of them just are in nocturnal emission with how good Commie China is
But, this auto bailout by Bush has globalist overtones, too...many of the foreign automakers have joint deals with the US automakers...for parts, assembly, etc...so foreign automakers will suffer, too.
Then they’ll take over the factories and sit-in.
The “Auto industry” is not sacrosanct. It is a business that has run its course...in this case into the ground. it has for too long shoved its head into the sand and refused to make hard decisions vis a vis the extortion tactics of corrupt unions.
Basic Business Common Sense you make loans to those who have prospects of paying those loans back.
You obviously have no BBCS.
I don’t know that he’s drinking or not.
People elected Gutless Wonder - *knowing* that he was a Gutless Wonder - and he has *always* been a frat-boy slacker that did the absolute *minimum* required.
If you’ll remember, his *first* act as president was to turn a blind eye to White House vandalism that was more extensive than the general public was allowed to know.
His follow-up act was during the Chinese vs. EP-3 incident where he allowed them to damage and forced the plane to land, held the crew captive, dissected it, and ultimately returned it at their leisure *in pieces.* During that time he trotted Colin Powell out to give a half-assed apology.
In another era it would have been considered an *act of war* but no fear - Gutless Wonder was firmly in charge.
It’s not all bad - it’s like a pilot taking his small son to work and seating him in the cockpit of the 747 and telling him “don’t touch anything.” At the time Gutless looked like he might do an OK job of just sitting still and not F-ing things up.
9-11 changed that. Now you needed a vicious, ball-busting *leader* and all you had was Gutless Wonder, who, if you recall, can’t eat a pretzel without choking.
9-12 was the day he should have been forced to resign so someone competent could take over. Coulda, woulda, shoulda…
Incidentally - “Hey Gutless, how many unlawful enemy combatants executed at Guantanamo as of 12-12-2008?” What an abominable POS.
At any rate, as someone that drank heavily - literally a quart+ of Seagrams *every day* 365 days/yr for *decades* - I think his being a dumb F isn’t alcohol related. IOW, he’s a dumb F whether alcohol is involved or not. That’s our Gutless Wonder!
My opinion, of course.
Very good point. And it won't be very hard when the Big Three are selling electric cars, with gas at $1/gallon.
This is insane. W has lost his mind.
So you declare yourself a socialist? The constitution forbids government taxing some and giving it to the private for profit sector.
The only people who are surprised by this are people who don’t understand the true nature of neo-conservatism.
McManus’s Pied Piper for the Establishment may be helpful.
Obama is proposing a whole new batch of “pyramids” - turns out he is more Keynes than Marx (just like Bush is more Keynes than Smith). I also like to call these projects “broken windows” ala Bastiat’s “seen vs unseen”. The greatest villain to a Keynesian is someone who saves their money. It isn’t the bogeyman under the bed that scares Keynesians, it is the wad of cash.
Businesses fail all the time...it’s the price of possible success.
Sooner or later you get infected when you fool around too much...in this case the suto industry has been at the roulette table too long. It’s time to pay the piper.
I blame this whole debacle on the loony social conservatives...if you guys would just be ok with a more libertarian candidate, we would see government shrink, but noooo, he’s mormon, or he may have been pro life at one time...WE must unite with fiscal conservatives everywhere!
What mind.
At this point, Bush should be working with the Republicans in both the house and senate to leverage what little power they have left.
Instead Bush is working with the Democrats AGAINST the Republicans.
The great irony is Bush has killed whatever positive legacy he might have left. Even Republicans that stood behind him because of the war on terror have had it with him due to his recent actions.
The comments about President Bush are disheartening.
If it wasn’t for President Bush, those of you still alive, would be sifting through the remains of our burnt out cities looking for scraps to live on.
That Skull and Bones party is gonna be a real hoot this year!
The commies in China may have more biz sense than the commies here. And less baggage. I bet theat China will be a much more capitalist place to do biz than here soon.
LOL
America has paid for the build out across the world with shipping our jobs overseas and tax dollars overseas and oil dollars overseas...all the wile bearing the cost of defense for so many countries...
The global American elite has realized that they can get more from the world than from America hence the swift fall
of our Economy.
There are two varieties of BDS. The classical is the Bush Derangement Syndrome used by Bushbots to describe those that criticize the President.
The second, more insidious variety is the Bush Denial Syndrome whereby Bushbots fail to see the harm this man has caused and give him blind support.
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