George W. Bush defending his $17.4 billion bailout of the U.S. auto industry

Article by Christian A., on November 9, 2010

In an advanced copy of the memoir of George W. Bush, the former President defended his $17.4 billion bailout of the US auto industry, according to The Detroit News. It reported that Bush had known on Nov. 11, 2008 that he would bail out Chrysler and General Motors, just four days after GM announced it was on the brink of bankruptcy.

In this book, Bush disclosed that the decision to bail out the struggling automakers was made earlier than people believed. According to this memoir, Bush informed then President-elect Barack Obama about his decision several days before the advisers were told.

When Bush decided to “save American workers and families from widespread collapse,” he didn’t overlook his successor in making the choice. Bush wrote that he didn’t want to “dump this mess” on Obama and that he told his successor that he won’t let the automakers fail. Bush also revealed that he was in support of the $25 billion retooling plan that the automakers wanted but Senate Republicans had shot this down.

To get around this obstacle that the Congress presented, Bush instead diverted funds from the Troubled Asset Relief Program, initially meant to save Wall Street. Bush revealed that he was extremely frustrated with the situation, explaining that the restrictive short-terms were “better” than an outright bailout.

He said that he would have preferred that the bailout not be his last major economic decision but he claims that he didn’t have much choice. [via autonews - sub. required]

Topics: united states

If you liked the article, share on:

Comments

Recommended

Not so long ago, the 2018 Genesis G80 Sport made its debut at the 2016 LA Auto Show. But at that time, it did not have a price yet. And...
by - April 23, 2017
It seems like an increase in price has become a trend for automotive companies lately. Genesis isn’t alone when it comes to this. Subaru had just announced that the 2018...
by - April 23, 2017
Imagine a sports car morphing into an SUV. Chevrolet initially revealed the FNR Concept at the previous Shanghai Auto Show in 2015. For this year, Chevy once again graces the...
by - April 22, 2017
From the moment FCA kicked off with its 3-month-long ad campaign until the day it unveiled the new Dodge Challenger SRT Demon, folks have been guessing what the exact figures...
by - April 22, 2017
Some people may think Audi Sport is a new company but it is in fact the motorsport division of Audi combined with the best of what Quattro GmbH can offer....
by - April 21, 2017
Facebook

Youtube Channel

Tip Us
Do you have a tip for us?
Did you film an important event?
Contact us
Newsletter
Subscribe to our newsletter!
Subscribe
Galleries