December 15th, 2008
09:35 AM ET
11 years ago

Bush doesn't set auto bailout timeline

[cnn-photo-caption image= http://i2.cdn.turner.com/cnn/2008/images/12/15/art.bush1.gi.jpg caption="President Bush may use money from the Treasury program in hopes of avoiding the bankruptcy of U.S. automakers."]NEW YORK (CNNMoney.com) - President Bush said Monday he might use money from the Treasury program to aid financial services companies in order to avoid the bankruptcy of U.S. automakers, but he would not provide a timeline.

In an interview with reporters on Air Force One en route to Afghanistan, Bush said that "an abrupt bankruptcy for the autos could be devastating for the economy."

When asked if he would use any of the $700 billion from Treasury's Troubled Asset Recovery Program (TARP) that has been earmarked for Wall Street to make a loan to automakers, he replied, "I signaled that that's a possibility."

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Filed under: President Bush
soundoff (127 Responses)
  1. rob

    This is for the poster "Biff"

    I guess if the NY Times says its true it must be true but either you didnt understand the facts or as might be expected the NY Times didnt tell the whole story. The figure of $74 per hour is the total average cost of the UAW workers, not the hourly wages.

    It ultimately comes down to bad management of the Big Three but the UAW knows the Dems won't allow a bankruptcy because it will let the Big Three renegotiate the UAW's contracts which will be the worst thing that can happen to them. Also, the Dems want this to happen under Bush's watch for political cover because its very unpopular.

    I am glad Sen. Corker and the Repubs killed the bailout because it will force either Bush to do it or the dems and Obama to do it in Janauary.

    December 15, 2008 12:17 pm at 12:17 pm |
  2. Seth

    UAW needs to go the way of the dinosaurs, Bush owes nothing to them, he shouldn't feel like he does. Let the big three go through bankruptcy and void their union contracts, it seems like tough love, but perhaps what the big three need is to get rid of the parasitic unions who obviously care more about themselves than the very corporations who pay their inflated wages and benefits. I'm proud of the Republicans who have stalled this bailout.

    December 15, 2008 12:18 pm at 12:18 pm |
  3. Len

    It amazes me to see all of the finger pointing and conjecture as to who is at fault.

    Blame the politicians: Who elected them?

    Blame the "Greedy" corporate managers: Public companies are owned by the public. Own shares of stock? Have a 40lK that you want to keep increasing in value. Guess who might be at fault here!!

    Blame the unions: Of course they are at fault. They work hard to get their members the best deal possible. Who are the union members? See the two examples above.

    We are seeing a lot of "it's not my fault", lets blame someone else. Regardless of what political party we belong to, you and I are part of the problem. Don't like losing jobs? Stop buying at Walmart. Stop driving foreign cars. Stop looking for that annual raise. Until Americans are willing to give up their "me first" approach nothing can be accomplished.

    December 15, 2008 12:21 pm at 12:21 pm |
  4. blaising

    Why can't this bafoon get his head around 'timeline'. Oh, that's right...then he'd have to commit to something. Bush and the GOP doesn't stand for anything anymore. At least liberals stand up for their beliefs: family values, strong military, fiscal responsibility and free markets...things the radical right SAYS they own, but will NOT stand up for!

    December 15, 2008 12:24 pm at 12:24 pm |
  5. James

    I get so amazed when I read that AMERICANS want the AMERICAN auto industry to fail. What about the millions who will lose their job if the Big 3 go under. If the Big 3 go down so will trucking, and steel and that's just the beginning. How many more jobs will that be? Think about it people our economy will fail. If the Big 3 go under it will be a dominoe effect through many sectors of our economy. How will you pay Honda car note then?

    December 15, 2008 12:24 pm at 12:24 pm |
  6. Sweetie

    The American people aren’t buying American Cars, why should we bailout a failing industry?

    Let them fail......

    I don't really think it will be that big of an impact.

    The American Auto Industry stopped being viable years ago when they kept building the kind of cars and trucks any thinking person wouldn't buy!

    December 15, 2008 12:25 pm at 12:25 pm |
  7. Apples for sale

    I think many of the posters on here that live at home with mommy and daddy, should go look for a job now that your in your fifties.It must be easy to sit home and critize union workers while you sponge off others.

    December 15, 2008 12:27 pm at 12:27 pm |
  8. Abyssinian Lion

    If you are upset that you didnt get to throw at shoe at him:
    http://www.kroma.no/2008/bushgame/

    December 15, 2008 12:27 pm at 12:27 pm |
  9. Janey

    I am glad it was Bush who had the shoes thrown at him and not Obama–Obama would still be trying to decide whether to duck or not. Bush knows how to make rapid and decisive movements–Obama cannot decide on anything on his own–If Clinton were there , she would have had to take him down, to avoid the shoe. At least the guy won't be murdered or tortured or raped thanks to GWB.

    December 15, 2008 12:31 pm at 12:31 pm |
  10. cmc

    Some of you on this blog need to read and listen. The UAW has made concessions, the problem is that the Republicans want a time line from the union. The republicans want it in 2009 and the union wants it when the contract expires. Doesn't sound like the Republicans want this problem to be solved, they want it NOW. And as for the components made overseas for the foreign carmakers, check your facts, some are made here in the USA. So tell me if the Big 3 go down and the supplies go down then who will supply the FOREIGN car makers. Of Course if the BIG3 go down who will be able to buy anything. Oh by the way the foreign governments have bailed some of there foreign car makers out. Gee some short thinking people here. Look beyond your noses.

    December 15, 2008 12:37 pm at 12:37 pm |
  11. SOUTHERN HOTTIE

    I weep for my country.

    December 15, 2008 12:38 pm at 12:38 pm |
  12. proud army and navy mom

    george w need to go somewhere and sit down until 1/20/09.....He doesn't need to be visiting other countries and acting as if he's welcome. Hurry up, January!

    December 15, 2008 12:39 pm at 12:39 pm |
  13. roy

    Ah Dubya......style it so we can't blame YOU for the failure of the Auto Industry too......but make the timeline just long enough so this will fall into Obama's lap..
    -Nice way to look out for yourself and YOUR legacy....hope those library contributions are pourin in....are thrown shoes a donation???

    December 15, 2008 12:40 pm at 12:40 pm |
  14. REG in AZ

    Bush is a failure trying desperately to save some legacy. Extreme conservatism, including the ‘trickle down’ rationalization, has much the same characteristics as found in illegal pyramid schemes. They are equal in that only a few people really benefit, that they are driven by self-interests, are infected with greed and dishonesty, are promoted by attraction to people’s self-interests and greed, and depend on taking advantage of the majority. The fraud they can perpetrate results in the collapse of the infected systems (as seen in corporate corruption, Wall Street meltdown, financial industry meltdown, auto industry collapse, religious extremism,,,) and can eventually even bring down the total economy (what we are close to today). Without the regulations, enforcement, controls, checks and balances needed to keep aggressive conservative methodology from being the run-away service of the powerful few, greed, dishonesty and self-indulgence naturally take over. As long as the focus is on total deregulation, completely open and fair-trade markets and on the unchecked pursuit of benefit for Special Interests and a select few, without real protection, consideration and concern for the majority, the natural result will be what we are experiencing today. This criticism is neither liberal thinking advocating a large ‘tax and spend’ government giving to a dependent population nor is it advocating protectionism but rather is pragmatism, is simply recognizing the reality that demands moderate conservative/liberal positions and a centrist thinking that actually benefits everyone. The other choice is to continue down the road we have been on, with only very costly temporary delays, ending eventually in catastrophe.

    December 15, 2008 12:50 pm at 12:50 pm |
  15. Nikdog

    My shoes are too good to toss at George W Bush. Free the man and lock up George Bush. George can react but he can't think. 911 he just sat there like a fool but when those shoes came at him he was like Reggie Bush getting out of the way.
    Jan. 20 can't get here fast enough.

    December 15, 2008 12:51 pm at 12:51 pm |
  16. The Chosen One

    No one would dare throw a shoe at Obama.
    Crucify him maybe...

    December 15, 2008 12:53 pm at 12:53 pm |
  17. j

    That's because Bush/Cheney want to continue doing as much damage to the country as they can in the time remaining to them. What do they care if several million workers lose their jobs. They've got a pension.

    December 15, 2008 01:00 pm at 1:00 pm |
  18. cmc

    TO Janey, your statement is just as dumb as you. Bush "decisive", HELLO he sat on his hands while this financally mess was starting and then claimed "ignorance". Girl where have you been for the last 8yrs? Oh yeah drinking the Republican kool-aid!!!!!!!!!!idiot

    December 15, 2008 01:00 pm at 1:00 pm |
  19. Gobama

    Bush has great reflexes. LOL!

    December 15, 2008 01:00 pm at 1:00 pm |
  20. obama-mama

    Janey:

    You probably never had a kiss thrown at you.

    December 15, 2008 01:03 pm at 1:03 pm |
  21. Cynic

    Bush will do anything he can to make his life out of politics as lucrative as possible. It's the American population who will take a shoe up the wazo. Wear your rain coat GWB.

    December 15, 2008 01:04 pm at 1:04 pm |
  22. Matt B

    Wow, there are certainly a lot of misinformed people on this board. Reality is that the Big 3 are failing for several reasons, the largest being the unions. It has nothing to do with hourly wages, it is due to the outdated benefits that they still enjoy. GM is working at a negative margin/vehicle, meaning they lose money on each car they sell. How is more money going to help them with that? It won't. The people on this board who think we should just give them money are naive. Until the unions concede more or are disbanded, the Big 3 just can't compete in the global market.

    There is a reason why the foreign automakers...who have plants in the US, employ US workers and buy US raw materials by the way...are working at a profit while the Big 3 do not. It's not all that complicated people, without major organizational changes, including new union contracts and new management, the Big 3 are doomed to fail.

    December 15, 2008 01:04 pm at 1:04 pm |
  23. yellow dog democrat

    The Russians (former Soviet Uniion) bang their shoes on tables the Iraqies throw theirs! I think some cultures (Japanese) take their off.....look at all the cultural differences in play here.

    December 15, 2008 01:10 pm at 1:10 pm |
  24. dittohead with forty names

    Lets party like its 1/20/2009,now thats a timeline we can all live with.

    December 15, 2008 01:19 pm at 1:19 pm |
  25. the oil for shoes program............

    You've planted the seeds of freedom....and now the Iraqi's want to thank you....as you're being greeted as the Liberator......

    December 15, 2008 01:25 pm at 1:25 pm |
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