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Cheney: Bush Should Not Have Bailed GM

Mike

Well-known member
Cheney: Bush Shouldn't Have Bailed Out GM

Thursday, May 28, 2009 11:27 AM


Former Vice President Dick Cheney said the Bush administration should have let General Motors go bankrupt instead of bailing out the troubled auto giant, according to The Hill.

Cheney told CNBC’s Larry Kudlow that he disagreed from the beginning with Bush’s decision to provide a short-term loan to the embattled automaker. At the time, the move was intended to keep the GM solvent until then-President-elect Obama could take the reins. A month before he left office, Bush announced a $13.4 billion bridge loan for General Motors and Chrysler.

"Well, some of us at the time wanted GM to go bankrupt, go to Chapter 11," Cheney said. "The decision was made that, in the final analysis, since our administration was almost over and a brand-new team was about to take over, that the president wanted, in effect, not to take a step that wasn't necessarily going to be followed by his successor," Cheney said.

"And we came up with a short-term package, in effect, that got us through the–through the inauguration," Cheney said.
 

kolanuraven

Well-known member
Cheney has become such a whiney azz.

All this is now is a " he said"...." he said" ......

In this interview he basically said, what many of us have said all along, that Bush had no ballz!!!!


Granted Bush started this Free Money Hand Out....
 

Mike

Well-known member
Granted Bush started this Free Money Hand Out....

Wasn't free when Bush handed it out. It was a loan. :roll: :roll:

But it was with the full blessing of the Dems and Unions.

My Senators had it right all along when they said of the first bailout:

"Where will it end"?

Zer0 is gonna wind up giving GM $50 BILLION and they're still going bankrupt. :lol: :lol: :lol: :lol:
 

kolanuraven

Well-known member
Mike said:
Granted Bush started this Free Money Hand Out....

Wasn't free when Bush handed it out. It was a loan. :roll: :roll:

But it was with the full blessing of the Dems and Unions.

My Senators had it right all along when they said of the first bailout:

"Where will it end"?

Zer0 is gonna wind up giving GM $50 BILLION and they're still going bankrupt. :lol: :lol: :lol: :lol:


It was always free.....

And it had to start somewhere.....and it's was YOUR BOY who set this into motion.
 

Mike

Well-known member
Kola wrote: it was always free

Sorry Kola, you're wrong again. Zer0 is the one that made it free. :lol:
Bush: GM, Chrysler to receive $17.4b federal loans
12/19/2008, 9:27 AM
By Andrew Ganz
United States President George W. Bush, in a press conference this morning, announced that the federal government will provide $17.4 billion in short-term, low interest loans to the General Motors and Chrysler in exchange for wage concessions at all levels - management, unions and suppliers - and an ultimatum that the companies must have thorough plans in place by March 31 or the loans will have to be repaid and the automakers will be forced into a controlled Chapter 11 bankruptcy.


Bush said that the two automakers will not be forced into Chapter 11 bankruptcy unless they are unable to turn around their companies by March 31. He said that allowing the automakers to fail would be an “unacceptably painful blow” for the country.

The loans, in the President’s word, are “similar to those offered by Congress last week,” except that they require “meaningful concessions” for all levels, including the unions. Bush said that worker compensation must be comparable to those paid by foreign automakers operating on United States soil, thus delivering a potentially crippling blow to the United Auto Workers.

Bush said that the $17.4 billion will come out of the $700 billion financial rescue package known as TARP passed by Congress for use on Wall Street earlier this year. The first $13.4 billion will be made available immediately and the remaining $4 billion will come from the remaining $350 billion in the TARP fund.

“[The automakers have] three months to put in place plans to structure viable companies - which we believe they can do,” President Bush said. He stressed his reluctancy to have to provide the loans, but said that they were necessary given the current financial turmoil.

President Bush issued the ultimatum that the federal loans must be repaid by March 31 if the automakers do not come up with a viable plan for going forward, “or the only option will be bankruptcy.”

“[The automakers must] show the world once again they can meet challenges with ingenuity,” Bush concluded.

GM CEO Rick Wagoner has scheduled a press conference for 11 a.m. Eastern today. Check back here for coverage.
 

Steve

Well-known member
kolanuraven said:
And it had to start somewhere.....and it's was YOUR BOY who set this into motion.

by the time the bailout came by even I was not supporting the President,,.. in fact the only support the president had was the Democrats.... so he was your boy by that time... :roll: :roll: :wink:
 
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