Posted on 12/19/2008 6:52:25 PM PST by silent_jonny
This morning President Bush announced that government loans will be provided to auto companies to help prevent their collapse. The President also reminded the automakers—and their unions—that they got themselves into this mess and if they plan to survive, they must reform now. (Transcript)
President Bush: The terms of the loans will require auto companies to demonstrate how they would become viable. They must pay back all their loans to the government, and show that their firms can earn a profit and achieve a positive net worth. This restructuring will require meaningful concessions from all involved in the auto industry -- management, labor unions, creditors, bondholders, dealers, and suppliers …The automakers and unions must understand what is at stake, and make hard decisions necessary to reform.
On a more pleasant note, President & Mrs. Bush attended the unveiling of their portraits at the National Portrait Gallery in Washington D.C. (Transcript)
Joining the First Couple for the unveiling were Vice President Dick Cheney, Chief Justice John Roberts and members of the White House staff.
Mrs. Bush: With so many familiar faces here today, it gives me the opportunity to thank all of you for your support and friendship over the past eight years. President Bush and I have had such a special privilege of being able to represent the people of the United States. We'll return to Texas with cherished memories of our friends, our staff, and our time at the White House. Thank you for joining us at this moment of reflection and celebration. May God bless you all. (Applause.)
This afternoon, President Bush met with President Mahmud Abbas of the Palestinian Authority in the Oval Office. (Transcript)
Secretary of State Condoleezza Rice met with foreign ministers from the Ukraine and from Mexico today at the State Department in Washington.
Enjoy your visit to Sanity Island
Quote of the Day:
President Bush: I want to thank the artists. Sasha, you had it easy -- it does not take much to make Laura look beautiful. (Laughter.) Anderson had a bigger challenge. (Laughter.) And therefore, I needed to find a person who would do the painting that would be a good and forgiving friend. And so I want to thank my buddy -- my college classmate, Bob Anderson, for painting this portrait. It actually looks like me, which is a good sign. (Laughter.) You did a fabulous job.This is not the first time that Bob has painted me. He had a warm-up -- he did my portrait for the Yale Club. Recently, I asked him what was different this time around. He said, well, this time around he had to use a lot more gray. (Laughter.) I also understood Bob didn't have any difficulty depicting my eyes or my hands -- but he had a lot of trouble with my mouth. I told him, "That makes two of us." (Laughter.)
Photos of the Day:
President George W. Bush and First Lady Laura Bush look at the President's official portrait after it was unveiled at the National Portrait Gallery December 19, 2008 in Washington, DC.
President George W. Bush and Mrs. Laura Bush stand in front of their portraits Friday, Dec. 19, 2008, after the unveiling at the Smithsonian's National Portrait Gallery in Washington, D.C. The portrait of Mrs. Bush was done by Aleksander Sasha Titovets; the Presidential portrait was done by Robert Anderson. White House photo by Eric Draper
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Hi
Good evening!
Hello :)
The portraits are just outstanding.
How are you this evening?
I could barely get the ping list to go through.
http://www.whitehouse.gov/news/releases/2008/12/20081219-1.wm.v.html
President Bush: This is a difficult situation that involves fundamental questions about the proper role of government. On the one hand, government has a responsibility not to undermine the private enterprise system. On the other hand, government has a responsibility to safeguard the broader health and stability of our economy.Addressing the challenges in the auto industry requires us to balance these two responsibilities. If we were to allow the free market to take its course now, it would almost certainly lead to disorderly bankruptcy and liquidation for the automakers.
Under ordinary economic circumstances, I would say this is the price that failed companies must pay -- and I would not favor intervening to prevent the automakers from going out of business.
But these are not ordinary circumstances.
Hello Jonny!
Happy Friday!
:)
& Early, Merry CHRISTmas!<3 greetings...
Sweet pic of Pres. B. & F L Laura looking at the portraits!!<3!!
Thank you, Kaslin.
President Bush: These loans will provide help in two ways.First, they will give automakers three months to put in place plans to restructure into viable companies -- which we believe they are capable of doing.
Second, if restructuring cannot be accomplished outside of bankruptcy, the loans will provide time for companies to make the legal and financial preparations necessary for an orderly Chapter 11 process that offers a better prospect of long-term success -- and gives consumers confidence that they can continue to buy American cars.
Because Congress failed to make funds available for these loans, the plan I'm announcing today will be drawn from the financial rescue package Congress approved earlier this fall. The terms of the loans will require auto companies to demonstrate how they would become viable. They must pay back all their loans to the government, and show that their firms can earn a profit and achieve a positive net worth. This restructuring will require meaningful concessions from all involved in the auto industry -- management, labor unions, creditors, bondholders, dealers, and suppliers.
Congrats on Your Toaster win(s)!
The portraits are wonderful.....
President Bush: In particular, automakers must meet conditions that experts agree are necessary for long-term viability -- including putting their retirement plans on a sustainable footing … If a company fails to come up with a viable plan by March 31st, it will be required to repay its federal loans.The automakers and unions must understand what is at stake, and make hard decisions necessary to reform. These conditions send a clear message to everyone involved in the future of American automakers: The time to make the hard decisions to become viable is now -- or the only option will be bankruptcy.
The actions I'm announcing today represent a step that we wish were not necessary. But given the situation, it is the most effective and responsible way to address this challenge facing our nation. By giving the auto companies a chance to restructure, we will shield the American people from a harsh economic blow at a vulnerable time. And we will give American workers an opportunity to show the world once again they can meet challenges with ingenuity and determination, and bounce back from tough times, and emerge stronger than before.
Thank you.
& It bears repeting...Soooooo glad You feel better,already!!!!!
:)
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