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 ...
This bailout will not get people to buy cars. Do people forget that the reason for the mess is nobody can buy the cars? Excuse me but how does this help?
So we are feeding money to prop up failure - just like the banking system fed money to subprime loans with the TARP.
Iconoclast Jim Rogers states the principal in addressing the banking crisis:
Jim Rogers should be listened to.
Electric cars that go 50 miles on a charge for only 40,000. What a joke.
TORCHES AND PITCHFORKS time!
Sign me up.
“A lot on the Right want his head too.”
If the lefties want to impeach him for Club Gitmo or Abu Grhaib I wont stand in their way.
“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”
While the DEMS will do what you say, it doesn’t matter. They do that anyway. This is politics. Each side blames the other. The GOP actually should learn how to defend themselves against this a little better, but I wouldn’t use DEM sleaze as a reason to make policy.
Bush bails out the big 3 (and the UAW) and I will join any efforts to impeach him. He’s a Republican, and was elected to act at least somewhat conservatively.
As with Nixon, if the left comes for him, he will have precious few that will defend him. As with McCain, whom many of us voted for, but damned sure didn't send any money (down the wastepipe), or walk the precincts for (dangerous.)
That’d make a great tag. Go for it.
What an awful, awful President Bush has been. From illegal aliens, to spending, to a mismanaged war that killed the GOP politically, to corruption and extensive secrecy in his administration, the erosion of civil liberties under the PATRIOT act (wait till Obama gets hold of that, the democrats may not have liked it when they were out-of-power, but that’ll change), the Harriet Miers fiasco, among many other things...just a near all-around blunder this man has been. Reagan he ain’t.
4. Finally theres the possibility, since Texas has Kay Bailey Hutchison, that Texas Republicans are really wussies, excuse me dumbocrats.
Hey NOW! That’s a BROAD BRUSH you are using there.
You've got that right. Who needs terrorists when we have socialists to do the dirty deed without bloodshed (so far)?
this is true, but for some reason I have a feeling thats not what its really all about
I think this entire financial "crisis" is nothing more than a shift to socialism (total governmeent control), orchestrated by the federal reserve and the mega rich, the same thing happened through the Great Depression
I'm going to have to disagree with you on that, I live in the area and I'm feel pretty confident in saying that Nissan built that plant from the ground up. It's the biggest plant under one roof, and one of the most efficient ones out there because of it. Before that and Satan in Springhill, Tennessee there wasn't much but cotton fields etc.
Suggest bankruptcy! It is that simple.
“The comments about President Bush are disheartening.”
Yes. However, W’s actions warrant it. We have to be real here. We can’t like everything the man does and this idea of his, doesn’t work. Now, it could be press-spin and maybe in his usual fashion he doesn’t really explain the STRINGS AND CONDITIONS (if there are any). W has been very short on explanations and it has cost him.
However, this idea he is ‘considering’ is just ludicrous and it calls for a response. You are right, it isn’t pretty.
Been in a coma for years.
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