Friday, September 7, 2012

Weekend News--Bush saves Auto Industry

Kliphnote: Just tell the truth. 
George Bush gave the auto industry the first money
for a bail out, $17.4 billion.
How soon they forget, conveniently.
BTW: GM did file for bankruptcy, under Obama, June 8, 2009.  

Link: General_Motors_Chapter_11_reorganization

And forced CEO " Rick" Wagoner to resign. 
Because Wagoner didn't want to file for bankruptcy.
Just the facts. Try telling the truth and get you head out of your ass.

Bush announces $17.4 billion auto bailout

Updated: 12/19/08 1:31 PM EDT

President George W. Bush makes a statement on the auto industry.
The plan includes taxpayer assistance for GM and Chrysler in return for radical restructuring. AP Photo
President George W. Bush stepped in Friday to keep America's auto industry afloat, announcing a $17.4 billion bailout for GM and Chrysler, with the terms of the loans requiring that the firms radically restructure and show they can become profitable soon.

"If we were to allow the free market to take its course now, it would almost certainly lead to disorderly bankruptcy," Bush said at the White House, in remarks carried live by the national broadcast networks. "In the midst of a financial crisis and a recession, allowing the U.S. auto industry to collapse is not a responsible course of action. The question is how we can best give it a chance to succeed."


George Bush: I Would Again Bail Out Automakers

Stock quotes in this article: GM 
DETROIT TheStreet) -- Many Republicans oppose the billions of dollars in bailouts that saved the U.S. auto industry, but former President George W. Bush isn't among them.
"I'd do it again," Bush said Monday during the closing address at the annual National Automobile Dealers Association convention in Las Vegas, according to The Detroit News. "I didn't want there to be 21% unemployment."
In the closing days of his administration in December 2008, after Congress failed to act, Bush provided the auto industry with $25 billion in emergency aid, including $13.4 billion for GM(GM_) and $4 billion for Chrysler. In its early days in office, the Obama administration in 2009 provided another $60 billion.
"I didn't want to saddle my successor with an additional economic crisis," Bush said, according to the newspaper. Instead, he extended the loan long enough for Obama "to get his team on the ground and deal with it."


Obama Fact Check: Is Only Bush Responsible for Bailouts and Is GM Really ‘Number One’?

President Obama on Wednesday said that President Bush was responsible for bailing out auto companies in Detroit, writes the Washington Examiner’s Charlie Spiering.

“Keep in mind,” the president said, “That the administration before us, they had been writing some checks to the auto industry asking nothing in return. It was just a bailout, straight — straightforward.”
President Obama said that if it weren’t for his current administration’s policies, the auto industry would have been an expensive failure. That is to say, if it weren’t for President Obama’s guiding hand, the auto industry would have collapsed and taken all that Bush-era bailout money with it.

Obama explained that, unlike his predecessor, he “demanded responsibility” from the auto industry, forcing it to “retool and to restructure,“ making it ”more efficient.”

Critics argue that the president’s claim that the Bush administration demanded “nothing in return” is false.

As Spiering notes, when the Bush administration authorized the first auto loan of $17.4 billion, in October 2008, some aspects of the loan were contingent upon the companies hitting “Restructuring Targets.” Therefore, no one can say that the Bush administration didn’t at least demand or impose guidelines.

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