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President Bush to the Rescue! December 13, 2008

Posted by neoavatara in Politics.
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George Bush, riding in on his white horse, is going to save the auto industry!  Woohoo!

http://freep.com/article/20081213/BUSINESS01/812130352

Bush, in a great impersonation of FDR, is ready to bailout the auto industry.  However, give him some credit.  The White House was interested in two of the conditions that Sen. Bob Corker, the Tennessee Republican who tried to broker a deal Thursday, had proposed and all sides agreed to: a steep reduction by creditors in automakers’ debt and requiring the UAW to take half of the money due for a retiree health-care trust fund in stock, instead of bonds or cash.  That would meet two of the conditions set by Republican Senators before the bailout fell off the cliff.

Additonally, a spokeswoman for Treasury Secretary Henry Paulson said the Treasury would “stand ready to prevent an imminent failure until Congress reconvenes and acts to address the long-term viability of the industry.”

So the Big Three look like they will live to fight another day.  Good news for the auto workers; questionable whether long term it is good for the rest of us.  Hopefully the auto folks will get things together.

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