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Ear to the Ground

Bush Passes Bailout Buck to Obama

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Posted on Dec 20, 2008
Bush with football
freewebs.com

Although President Bush has kicked off the auto industry bailout process before leaving office, some would call Bush’s strategy more of a punt to his presidential successor, Barack Obama.


ABC News:

In a sternly worded radio address today, President Bush issued a dire warning to the Big Three automakers: Restructure—fast—or you’re on your own.

“The time to make the hard decisions to become viable is now – or the only option will be bankruptcy,” Bush said.

But he will be long gone before the March 31 deadline for General Motors and Chrysler to be in the black or pay back the $17 billion in loans, and it is Obama – along with a new and more Democratic Congress – who will have to make the decision about how to proceed then.

“Bush is punting this problem to the next administration,” said Peter Morici, a professor at the University of Maryland’s Robert H. Smith School of Business. “Obama can catch it or let it bounce into the end zone and let the parties work it out.”

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By Margaret Currey, December 23, 2008 at 12:17 pm Link to this comment
(Unregistered commenter)

The reason for the Wall Street give away is Bush/Chaney/Rice probably invested in the stock market just as every one else out to make a quick buck.

Did Chaney get rich just because he was in Oil seems as though Bush and Chaney were jointed at the hip when they took office, they were out to protect their company interests at the cost to the environment and then their is their matra Necular Energy, Clean Coal, first of all Necular Power plants have a waste that will not go away.. Clean coal is just coal washed but still the mountain tops are destroyed and the rivers poluted by their run off and the people who pay are the health risks of the poor and still this country denies good health care to the poor working person making minimum wage.

Obama will have a hard time cleaning up this mess and then when it does not happen the Republicians will say I told you so.

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By hippy pam, December 23, 2008 at 11:38 am Link to this comment

CHILDREN-before they learn to be responsible-get themselves into bad situations and they RUN TO MOM AND DAD to fix it…...“Ole mr.bullshit” has NO ONE TO RUN TO….So he just WALKS AWAY…..STAND UP PEOPLE….INSIST THIS IDIOT PAY FOR HIS CRIMES….MAKE YOUR VOICES HEARD….....TELL-YES TELL!- YOUR REPRESENTATIVES “ole bullshit” MUST BE HELD ACCOUNTABLE…...

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By 1twenty1, December 22, 2008 at 9:08 am Link to this comment
(Unregistered commenter)

Republican reach around politics at it’s best!

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By hippy pam, December 22, 2008 at 6:53 am Link to this comment

Purplewolf-you are absolutely correct…and now “ole mr.and mrs. bullshit” will not get out of the residence so the president can put his children in school….What a “cheap shot” to pull-altho nothing “ole bullshit” does can surprise me….I,m sure he has more dirty tricks up his sleeve….I still think he should be arrested and tried in a court/sentenced for his crimes…..Murder-larceny-theft-genecide…...etc…...

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By aaron4unitruth, December 21, 2008 at 10:05 pm Link to this comment
(Unregistered commenter)

The bailout of private corporations seems wrong for many reasons but most importantly because the Federal Government seems to be more powerful than it was ever intended.  As a condition of bailing out the auto industry it will now be able to purchase stock? That raises a red flag.

http://www.theartdeptchronicles.blogspot.com

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By DE, December 21, 2008 at 7:18 pm Link to this comment
(Unregistered commenter)

purplewolf-have you already forgotten that Barrack Obama was a huge supporter and gave speeches on how the bank bailout absolutely had to be done? And now that it is not the golden lamb that Obama,McCain,Pelosi,Reid, and the majority of democrats and minority of republicans said it would be, it is now a total Bush failure. Remember, it was the DEMOCRATS in congress that wrote this bill with the intention of making OBAMA look like he was an economic genius by saving the banks. As for the auto bailout, if you can believe the leaks from Obama’s transition team, Obama suggested this to Bush, knowing that if it worked the MSM would praise Obama, and if it failed and Obama actually had to make a decision on something later on, they could put the full blaim on that idiot Bush’s harmful and risky decision to only give the UAW, I mean auto companies, 17.4 billion.

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By purplewolf, December 21, 2008 at 10:53 am Link to this comment

Just like G.W. to leave his mess for someone else to clean up after him. He has done this his whole life in every business he ran-ruin it and walk away, just like he has done to America and is still managing to do on his way out the door. What a poor “LEGACY” he leaves behind him. Not the one he thinks he is getting but isn’t.

Too bad Bush wasn’t as stern with the bank bailout, which was not a loan and in today’s newspaper it listed just some of the misuse of that money

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