President Bush Explains His Reasons for the Bailouts of GM and Chrysler
#1
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From: The White House
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President Bush Explains His Reasons for the Bailouts of GM and Chrysler
President Bush's book is out now, and The Detroit News has published excerpts. I know this is a "kicking a dead horse" but it is interesting to see the thinking behind these decisions.
"Bush says that in the end, he decided to rescue the two automakers because of the potential impact on the U.S. economy."
But philosophically, the former president said, he was opposed to bailouts — and noted he had opposed President Jimmy Carter's decision to rescue Chrysler in 1979.
Bush said he "believed strongly that government should stay out of the auto business. Yet the economy was extremely fragile and my economic advisers had warned that the immediate bankruptcy of the Big Three could cost more than a million jobs, decrease tax revenues by $150 billion and set back America's GDP by hundreds of billions of dollars."
http://detnews.com/article/20101108/...#ixzz14tSR2Qgt
"Bush says that in the end, he decided to rescue the two automakers because of the potential impact on the U.S. economy."
But philosophically, the former president said, he was opposed to bailouts — and noted he had opposed President Jimmy Carter's decision to rescue Chrysler in 1979.
Bush said he "believed strongly that government should stay out of the auto business. Yet the economy was extremely fragile and my economic advisers had warned that the immediate bankruptcy of the Big Three could cost more than a million jobs, decrease tax revenues by $150 billion and set back America's GDP by hundreds of billions of dollars."
http://detnews.com/article/20101108/...#ixzz14tSR2Qgt
#2
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From: Pflugerville, TX
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If you think a bill is unconstitutional but sign it anyway, you are an asshat. This wasn't the only bill he signed about which he was supposed to have reservations. Bush never saw a budget or spending bill he didn't like.