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Bush on auto bailouts: 'I'd do it again'

The Detroit News -- Former President George W. Bush defended his decision to bail out General Motors Corp. and Chrysler LLC at the end of his administration.

"I'd do it again," Bush told thousands of the nation's auto dealers, explaining approving a $700 billion bailout fund used to rescue banks, insurers and automakers. "I didn't want there to be 21 percent unemployment."

Bush said he believes in the free market and under normal conditions, automakers and other businesses should have been allowed to fail.

"If you make a bad decision, you ought to pay," Bush said. "Sometimes, circumstances get in the way of philosophy."

In late December 2008, after Congress refused to act, Bush agreed to a $17.4 billion bailout for GM and Chrysler using his broad authority under the $700 billion fund established to help t

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Submitted Feb 07, 2012 By: YaBassa

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oldhillbillyAZ Champion Author Tucson Posts:2,327 Points:307,960 Joined:Dec 2009	Message Posted: Feb 8, 2012 1:49:34 PM Ignore oldhillbillyAZ Report Abuse Ahhh.. That's better I knew you were out there... Things just didn't seem right without all the "Name Calling" Yes we all recognize the "Rush Limbaugh" accounting method... and the lack of real substantiating facts. http://www.factcheck.org/
Van_Halen Champion Author Atlanta Posts:1,671 Points:333,320 Joined:Apr 2011	Message Posted: Feb 8, 2012 10:33:01 AM Ignore Van_Halen Report Abuse . Funny, Obama Motors has 97,000 less employees now then it did before the bail out and Nobama Take-over and continues to lose employees! And Bush got his wish with Nobama following him, there isn't 21 percent unemployment there is 25.7 percent actual unemployment! Odd how Nobama and BLS can't do simple math, one only has to take the number of people employed in January 2009 and the number of people currently employed to get a REAL rough percentage and any idiot can see that its well over 16 percent! Now when we add the new grads to the workforce that can't get a job and the 22 Million illegals one ends up at a staggering 30 percent Total Unemployment! Nobama and Biden say the economy is improving and that jobs are being added, if this were even remotely true the total payroll tax withholding would not be at a January 2012 record low during Nobama's term. More shocking is that the January 2012 total payroll tax withholding is even lower then December 2011 when most people have the lowest amount taken out! The Jan 2012 withholding number proves that the BLS number of 8.3 percent unemployment is completely false!
YaBassa All-Star Author Michigan Posts:604 Points:156,785 Joined:Nov 2011	Message Posted: Feb 8, 2012 9:20:21 AM Ignore YaBassa Report Abuse I'm not a Bush fan, but I am glad he started the GM and Chrysler bailout. It was the right thing to do. It saved an industry this country so needs.
gs7101 Champion Author San Antonio Posts:3,743 Points:276,855 Joined:Jun 2009	Message Posted: Feb 8, 2012 7:57:38 AM Ignore gs7101 Report Abuse People seem to forget that Bush started the controversial auto bailouts; President Obama got the blame. However, it "WAS" the correct thing to do. The decision saved a tremendous amounts of job -- the economy would have been a lot worse!
chuckwthompson Champion Author Charlotte Posts:1,890 Points:217,535 Joined:Sep 2011	Message Posted: Feb 8, 2012 1:20:03 AM Ignore chuckwthompson Report Abuse It was wrong then and it is wrong now!
aquarinut Champion Author British Columbia Posts:1,217 Points:278,960 Joined:Jul 2011	Message Posted: Feb 8, 2012 12:54:11 AM Ignore aquarinut Report Abuse Knowing he'll never get the chance to "do it again" [Edited by: aquarinut at 2/8/2012 12:56:16 AM EST]
apiergallini Veteran Author North Carolina Posts:348 Points:162,755 Joined:Mar 2011	Message Posted: Feb 8, 2012 12:52:56 AM Ignore apiergallini Report Abuse Generally against bailouts. Companies should be allowed to fail; it's what keeps them honest.
Nicoalbum Champion Author Ottawa Posts:4,115 Points:829,630 Joined:Jan 2010	Message Posted: Feb 8, 2012 12:18:55 AM Ignore Nicoalbum Report Abuse "oups! I did it again"
mpg611 All-Star Author Cleveland Posts:565 Points:211,360 Joined:Apr 2011	Message Posted: Feb 8, 2012 12:15:20 AM Ignore mpg611 Report Abuse Did you know GW Bush spent $5M+ in tax dollars on purity rings for girls? Not cool to trample on the 1st Amendment that way, much less our tax dollars. Im sure that big government social conservative would "do it again".
investmentdr Champion Author Cleveland Posts:2,365 Points:1,103,935 Joined:Sep 2008	Message Posted: Feb 8, 2012 12:06:30 AM Ignore investmentdr Report Abuse 1mm points
johnd900 Veteran Author Massachusetts Posts:297 Points:75,495 Joined:Jan 2012	Message Posted: Feb 7, 2012 11:54:48 PM Ignore johnd900 Report Abuse Poor decision then and it would be a poor decision now. No bailouts for anyone, period.
kitty1750 Champion Author Kitchener-Waterloo Posts:1,637 Points:321,360 Joined:Jun 2011	Message Posted: Feb 7, 2012 11:49:34 PM Ignore kitty1750 Report Abuse Somebody cares what Bush thinks????
orphancarguyPE Champion Author PEI Posts:2,194 Points:422,430 Joined:Jan 2011	Message Posted: Feb 7, 2012 11:42:45 PM Ignore orphancarguyPE Report Abuse No surprise to people who actually read instead of listening to Fox New only. I'm waiting to hear the explanation from the TeaBaggers why what President Bush said 'just isn't so' because it impossible for them to believe that everything isn't solely that black guy's fault
oldhillbillyAZ Champion Author Tucson Posts:2,327 Points:307,960 Joined:Dec 2009	Message Posted: Feb 7, 2012 11:35:19 PM Ignore oldhillbillyAZ Report Abuse OMG... Where's all the loud mouths....finger pointers I've listened for years at all this being blamed on Obama.... Kind of quiet on the home front.... Come on guys I know you can twist this around....
lesndave Champion Author Texas Posts:1,256 Points:343,505 Joined:May 2011	Message Posted: Feb 7, 2012 11:12:25 PM Ignore lesndave Report Abuse Interesting that he said he would do it again.....
GT3186 Champion Author Salem Posts:1,270 Points:270,780 Joined:Aug 2011	Message Posted: Feb 7, 2012 10:30:18 PM Ignore GT3186 Report Abuse The bailout of Detroit was a bad idea by any president... At least Bush had integrity and a good heart going for him; the current occupant of the White House has neither.
Lugi1967 Champion Author Ohio Posts:3,127 Points:650,270 Joined:Jun 2010	Message Posted: Feb 7, 2012 9:28:29 PM Ignore Lugi1967 Report Abuse Some things are worth saving
BuckyTJones Champion Author Salt Lake City Posts:3,127 Points:689,210 Joined:Mar 2010	Message Posted: Feb 7, 2012 9:28:09 PM Ignore BuckyTJones Report Abuse Great comment EsplorerWA ! I would just add the board and illegals to your list. Quote of the Day: You can't get rich in politics unless you're a crook. - Harry S Truman
Meowmy All-Star Author Florida Posts:993 Points:278,110 Joined:Jan 2011	Message Posted: Feb 7, 2012 9:27:17 PM Ignore Meowmy Report Abuse They should have given everyone a 'voucher' (tax, tag and title costs not included) so they not only 'bailed out' the carmakers, but also the general population AND the car dealers. The CEO's showed up in Washington after flying there in their private, company-owned jets AND Limo's! Sounds like THEY should have bailed themselves out.
ExplorerWA Champion Author Washington Posts:2,252 Points:437,390 Joined:Feb 2011	Message Posted: Feb 7, 2012 9:17:14 PM Ignore ExplorerWA Report Abuse This and the patriots acts were two top mistakes by Bush. Interesting that he says he would do it again. Sometimes we don't learn from our mistakes. President Obama has picked up the ball where Bush left off and has ran with it. Bad policy whether left or right is still bad policy.
doeslayersr Champion Author Illinois Posts:5,831 Points:512,150 Joined:Dec 2010	Message Posted: Feb 7, 2012 8:58:54 PM Ignore doeslayersr Report Abuse It was a dumb move then and would be an even dumber move now. Bush was by far not a perfect president and this was one of his certified blunders. Some of the progressive genes in him rose to the surface on this one. In any case, President Bush on his worst day was still heads and shoulders above the sorry excuse we have for a President now.
TruthMatters All-Star Author New Jersey Posts:938 Points:202,595 Joined:Oct 2011	Message Posted: Feb 7, 2012 8:30:32 PM Ignore TruthMatters Report Abuse That was a dumb move on his part (looking back on that now)!
rbrk02 Champion Author Rhode Island Posts:3,038 Points:457,130 Joined:Jan 2011	Message Posted: Feb 7, 2012 8:12:20 PM Ignore rbrk02 Report Abuse Faced with the same circumstances, it would seem that most presidents would likely do the same.
BobBG Veteran Author Albany Posts:447 Points:581,700 Joined:Nov 2005	Message Posted: Feb 7, 2012 8:06:21 PM Ignore BobBG Report Abuse Bush could do it because he wasn't running again. These days no Republican candidate will mention his name. Ironic isn't it.
amoshins All-Star Author Trenton Posts:962 Points:312,855 Joined:Apr 2011	Message Posted: Feb 7, 2012 7:50:33 PM Ignore amoshins Report Abuse Obama would do it again as well
tnfran Champion Author Arizona Posts:2,571 Points:497,715 Joined:Dec 2010	Message Posted: Feb 7, 2012 7:34:07 PM Ignore tnfran Report Abuse Why not--------- BIG OIL IS STILL getting handouts of our tax dollars and some people are squawking about helping an industry that is big in this country. How about all those complaining about the auto industries squawking LOUD AND CLEAR to the reps about stopping the $$$$$ that is still being handed to Big Oil. AND they have never paid a dime back either.
Martinman Champion Author Mississippi Posts:12,522 Points:1,741,020 Joined:Sep 2005	Message Posted: Feb 7, 2012 7:05:54 PM Ignore Martinman Report Abuse Just as I thought. This is a topic the parrots won't touch with a ten-foot pole... "Just sayin'..." [Edited by: Martinman at 2/7/2012 7:06:43 PM EST]
Martinman Champion Author Mississippi Posts:12,522 Points:1,741,020 Joined:Sep 2005	Message Posted: Feb 7, 2012 6:49:41 PM Ignore Martinman Report Abuse 21 percent unemployment? You do realize, that 14% is generally recognized as defining a "depression"? Right?
playtimeCLE Champion Author Cleveland Posts:6,475 Points:1,186,600 Joined:Nov 2008	Message Posted: Feb 7, 2012 6:49:38 PM Ignore playtimeCLE Report Abuse His own agenda? I find it funny that people want to blame all this on Obama. This is nothing you can even bring politics into because Bush started it & Obama went through with it.
ktbaeohana Champion Author Las Vegas Posts:1,183 Points:264,170 Joined:Mar 2010	Message Posted: Feb 7, 2012 5:38:14 PM Ignore ktbaeohana Report Abuse He did for his own agenda.