George W. Bush said he would Bail Out US Carmakers Again if he should Menghadirkan
George W. Bush said he would Bail Out US Carmakers again if it were
You'd be hard pressed to find similarities between the current and former presidents the United States . They both agree that bail out the auto industry bankrupt US was the right thing to do
Bush, whose extension bridge loans to automakers American was one of the last decisions before leaving, gave the closing speech at the annual convention of the Association of National automobile dealers (NADA).
The former president said Treasury Secretary Henry Paulson and the chairman of the Federal Reserve Ben Bernanke warned that unless the government took drastic measures, new depression was imminent.
Although he believes that the government should not interfere with the market and that companies must pay for their mistakes, forced by the economic crisis 25 billion to the US auto industry $ emergency aid in December 2008. His successor in the white House gave them another US $ 60 billion in early 2009.
"Sometimes circumstances get in the way of philosophy," Bush said, adding that he has no regrets about his decision. In fact, he stressed that if necessary, "I would make the same decision again."
"The immediate bankruptcy of Chrysler and GM could cost over a million jobs, decrease tax revenues by 150 billion $ and removal of gross domestic product in America from hundreds of billions of dollars, "said Bush.
This statement echoed Obama's demand that the use of taxpayer money to rescue companies like GM and Chrysler was the right thing to do.
"I knew it was not a popular decision. But it was good," Obama said in 2010. " GM and Chrysler were on the verge of collapse the rapid dissolution of these companies. - followed by the certain failure of many auto parts manufacturers, car dealers and other smaller companies. - Would have dealt a fatal blow to our economy is already suffering "
story References: Freep
