[media id=6986] So Preznit Bush finally did the right thing and announced a $17.4 billion bailout for U.S. automakers in the hope that doing so will
December 19, 2008

So Preznit Bush finally did the right thing and announced a $17.4 billion bailout for U.S. automakers in the hope that doing so will keep Republicans from being permanently branded the Party of Hoover:

The White House announced a $17.4 billion rescue package for the troubled Detroit auto makers that allows them to avoid bankruptcy and leaves many of the big decisions for the incoming Obama administration.

Speaking from the White House, President George W. Bush said the administration decided against forcing a bankruptcy to compel cost-cutting, in order to avoid the risk that consumers would desert one or more of the companies and touch off an industry collapse, deepening the current economic downturn.

"In the midst of a financial crisis...allowing the U.S. auto industry to collapse is not a responsible course of action," Mr. Bush said.

"Under ordinary economic circumstances, I would say 'this is the price that failed companies must pay' and I would not favor intervening to prevent the auto makers from going out of business," the president said. "But these are not ordinary circumstances."

Of course, the wingnut faction of his party is seriously pissed. Michelle Malkin wants someone to file a lawsuit to prevent it from proceeding, while the Heritage Foundation folks are just gnashing their teeth.

Because, of course, their preference is to see millions of Americans thrown out of work.

It used to be said that a recession was the Republican method for shortening the lift lines at the ski hill. A Depression must be their method for making the ski hill their own private playgrounds.

Fortunately, Bush -- who's focused these days on his legacy -- doesn't seem to feel he needs to listen to them anymore.

Jane has more.

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