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."

Full story


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

    A full page add appeared in the News-Press (Fort Myers, FL) addressing the inaccuracies that Sen. Shelby (Alabama) has been spouting about the UAW and the big three. $70 an hour is BS. The senators (McConnell, Vitters, Shelby, and Corker) appear to be trying to eliminate the the competition to the foreign car industry in their own states. If I was an investigative reporter, I would find how much the foreign car industry gave to their campaigns.

    December 15, 2008 01:32 pm at 1:32 pm |
  2. jaye

    What does he have to lose my helping keep these people working through March?
    3 million more people losing their jobs will completely bankrupt the states, and cause working families to lose everything they have.
    Who will feed their children?
    Do you really want hungry children on your conscience?

    December 15, 2008 01:37 pm at 1:37 pm |
  3. bill

    bush just leave.pretty dam sad country is in depression.and this fool is in iraq.afganastan where they dont want him either.JUST AND TAKE THAT WORTHLESS PIECE OF CRAP CHANEY WITH YOU.

    December 15, 2008 01:43 pm at 1:43 pm |
  4. NY republican

    Every body had better hang on to those shoes, we'll all be walking soon. As for the "Southern Republican Senators", they were doing what their constituants sent them to Washington to do. That would be to look out for the inerests of their individual states. Just like a GOOD Senator is supposed to do, like it or not.

    December 15, 2008 01:43 pm at 1:43 pm |
  5. KyleG

    of course he didn't set a time table, hes waiting for the next guy to do. come on now!

    December 15, 2008 01:44 pm at 1:44 pm |
  6. Simpliticus

    Time lines? This president doesn't know time lines. When it comes to time lines for Iraq and our troops withdrawing from it or time lines and bail outs for the auto industry and the saving of American jobs, who needs time lines! Time is ephemeral for George W. Bush. But when shoes are involved, make it a small time line, please!

    December 15, 2008 01:45 pm at 1:45 pm |
  7. FreeNLovIt

    The Iraqi reporter owes Bush a favor. Bush did free his country. Now, it's up to all these mutlti-ethnic/religious-torn citizens to get their acts together.

    December 15, 2008 01:45 pm at 1:45 pm |
  8. Peter (CA)

    I'm with Ken in NC regarding the UAW.
    But, I would add there have to be some controls on the other side also. The CEOs and management have continued to reward themselves as the companies sank deeper and deeper. Makes no sense to me.

    To the "realist"-these articles show why unions are needed. Corporate America cannot be trusted to take care of anyone except the guys at the top. If those idiots had not been so greedy as to keep buidling huge vehicles for the big mark-up, they may not be in this position. But, I guess the right wing mantra about unions being "evil" will be spouted off here for a while.

    December 15, 2008 01:46 pm at 1:46 pm |
  9. sensible Cape Coral FL

    Hey Janey: My, you are a real BIG girl. Mommy and Daddy must be so proud of you. It's just lucky for you we don't have an I.Q. for voting.

    December 15, 2008 01:46 pm at 1:46 pm |
  10. you know it

    Money for the banks, no money for a company that employee union workers. uhmmmm. The big CEO's have put a heavy burden on it employees. They will be out of a job and they have made enough money to last them three life-times of earth. Bush don't like unions anyway. Yes they made bad choices of making big gas guslers, but it's not the employees fault, they make what the company tells them to make. The banks made bad choices and the world is paying the price of Americas bank CEOs but they have our money and is sitting on it until Pres. Obama make things better so they can get their bonuses. Republicans are the children of the Devil.

    December 15, 2008 01:49 pm at 1:49 pm |
  11. sensible Cape Coral FL

    Let's not forget that it was management that signed on to the contracts that are now so hated. How many of the legacy problems involve mid level and even top management personel. It's just so much easier to blame the workers – the backbone of our country.

    December 15, 2008 01:50 pm at 1:50 pm |
  12. Gobama

    Someone through a shoe at the POTUS...think about that. Yet another first for a US president. Just how low have we've been taken by this man.

    December 15, 2008 01:50 pm at 1:50 pm |
  13. obama-mama

    I say give every taxpaying American a 50% voucher (up to $5K of the cost of the vehicle) to purchase a brand new (fuel efficient) vehicle only from the three auto industries. That should put them back on track and make taxpayers happy. Nobobdy should lose their jobs.

    December 15, 2008 01:50 pm at 1:50 pm |
  14. WELCOME TO THE OBAMA SHOW!!!!!!!!!!!!

    LET THEM FILE BANKRUPTCY!!!!!!!!!

    December 15, 2008 01:51 pm at 1:51 pm |
  15. Ken in Dallas

    So many working people eager to punish other working people for making a decent bargain with management. You do realize that what you're fighting is the basis for our consumer economy, don't you.

    You see, if workers aren't paid enough to have significant disposable incomes, the whole consumer economic model collapses, and we all go back to living on farms because we can't afford to buy food, and washing our clothes on flat rocks, because there's no money to consider spending on luxuries like washers and driers.

    Collective bargaining is the main historical reason the consumer economy ever existed. You should study up on how people lived during the 19th century before you advocate the abolition of unionism.

    December 15, 2008 01:58 pm at 1:58 pm |
  16. Baze

    janey:

    I should toss a shoe at your head

    December 15, 2008 01:59 pm at 1:59 pm |
  17. gerri

    He must be thinking, whats the hurry,they couldnt stop the Titanic from going under either.

    December 15, 2008 02:00 pm at 2:00 pm |
  18. Jos/TN

    get over America, two thirds of corporations get welfare of some sort

    December 15, 2008 02:01 pm at 2:01 pm |
  19. Jackie in Dallas

    Janey,

    In case you didn't read the stories - if you CAN read - having a shoe thrown at you in an Arabic country is one of the biggest insults you can make. This is the quality of leadership we now have in the world in general, but in the Middle East in specific. President Elect Obama would never have a shoe thrown at him in those countries because he treats them with respect and doesn't act like an ugly American like Georgie does.

    Gee, after Jan 21, Georgie will be less than 10 miles from me (oh, joy forever –NOT)...maybe we can arrange a pile of used, filthy shoes to be delivered to his new front yard ....

    December 15, 2008 02:06 pm at 2:06 pm |
  20. linda from South Dakota

    bush hasnt taken any responsibility on any of this so why should he spesak now??? his main concern was WAR WAR WAR,, now he wants to go out with some praise,, well,,, sorry mr bush,, what goes around always comes around and soon your OUT!!!!!!

    December 15, 2008 02:26 pm at 2:26 pm |
  21. N. S. Huntsville, Al

    Bush man you just don't get it. Well then again I guess you do, you have destroyed the people of Iraq and the people in the USA can't wait till you leave.

    P.S However the shoes should be thrown and every ignorant USA citizen that voted for this nut case TWICE!!!!!

    December 15, 2008 02:28 pm at 2:28 pm |
  22. Greg

    Does anyone really know what happens when companies of this size go under? My Father-in-law worked at a steel plant since 1959 and back in 2002/2003 they filed for bankruptcy. He was expecting around $2,800 a month for retirment but the bankruptcy court took that money and used it to pay off the companies debts. All us taxpayers now pay for his retirement (heard of the Pension Benefit Guaranty Corp?) to the tune of $1,200 a month. Do you really want to not loan them a few billion to be paid back with interest or pay for hundreds of thousands of retirees?

    BTW I am a thinking person and I love my Ford vehicles. They all have well over 100K miles on them and run great!

    December 15, 2008 02:29 pm at 2:29 pm |
  23. obama-mama

    obama-mama December 15th, 2008 1:50 pm ET
    Your comment is awaiting moderation.
    I say give every taxpaying American a 50% voucher (up to $5K of the cost of the vehicle) to purchase a brand new (fuel efficient) vehicle only from the three auto industries. That should put them back on track and make taxpayers happy. Nobobdy should lose their jobs.

    Correction: $5K towards a new car

    December 15, 2008 02:30 pm at 2:30 pm |
  24. Pc from DC

    The only thing on Bush's mind is TEXAS!!

    December 15, 2008 02:32 pm at 2:32 pm |
  25. Ray

    I agree with Carly Fiorina that the banks that have gotten TARP money should be forced by the government to loan the auto makers the money. $350 Billion is a great base to lend $40 Billion out of. The $750 Billion Bail-out is clearly not a Bail-out but a Boondoggle.

    December 15, 2008 02:33 pm at 2:33 pm |
1 2 3 4 5 6