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 ...
I could use a cash infusion.
Send that cash to me..mylife, “getting ever skeptical”
At 1600 Pennsyltucky Ave, Anytown, USA
Not any more, I hope.
But in all seriousness, I think that mantle will be worn by Jimmy Carter for a long time to come... possibly as long as four years.
;^)
>”He does have 30+ days to go, though.”<
-At the rate these bailouts are going, he just might get there. Not that Zero is going to do anything different, besides spend spend spend.
Ok FReepers, now is the time to write the White House and voice your opposition to a Bush big 3 bailout.
These union yahoos refuse a pay cut and Bush is going to pay it with our tax money? He is out of his mind.
Of course, the Republicans were in charge then, and they weren't the absolute joke that they've become since.
There was a time when posting the following image might have gotten someone banned from this forum
That’s the truth.
I’ve always been afraid to refer to him as *
Please restructure and get the UAW back in check...
Yes...the good 'ol UAW, who is telling news reporters they were "negotiating in good faith" and "holding their ground"
....Okay....WHICH ONE IS IT? - BUNCH OF LIARS!
Even if GM shuttered its doors today and went out of business, the plant, equipment, labor, and most of all market still exist. Some other corporation would merely purchase the assets and proceed to make cars without all of the legacy costs.
Gettlefinger is a liar. Dem Senators voted against the bailout!!
The Broward county School system in Florida is asking for a government bailout. No lie.
I am only enjoying the sweet irony of watching my UAW family members who are going to have their pudgy pork-laden behinds saved by the very man whom they have badmouthed, loathed and despised lo these past eight years. (the job of carping about W will now switch over to me, of course)
I think it is time for us to put a stop to this. Can you imagine where this kind of precedent is going to be taken by Obama? We need to Unite and STOP WASHINGTON NOW! We need to shut the place down.
This is where I have a problem. More taxes to lower income folks to pay higher income folks.
Good on them, they've HAD IT with him and aren't feeling ANY KIND OF ALLEGIANCE!
My business is off 60% since November, where’s mine?
Well, I’m glad SOMEBODY has been able to find a sliver of silver lining, no matter how thin, on this big fat cloud.
;^)
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