Just when you thought President George W. Bush’s reputation among conservatives couldn’t get any lower, the smirking failure manages to outdo himself.
The Politico reports that the president has reversed his opposition to bailing out the Big Three automakers. He may use the funds from the Mother of All Bailouts:
Facing the potential bankruptcy of iconic American firms, President Bush on Friday abandoned his longstanding objection to using using the Wall Street bailout fund to help save G.M., Ford and Chrysler.
A frustrated Republican congressional official said: “If only they had said this last week, we could have saved ourselves a full week.”
Ten hours after the Senate rejected a separate lifeline for the automakers, White House Press Secretary Dana Perino said in a statement it would be “irresponsible” to let the companies crash. So she said Bush will “consider other options,” including the $700 billion Troubled Assets Relief Program that Congress created for the Treasury Department in October.
“Under normal economic conditions we would prefer that markets determine the ultimate fate of private firms,” Perino said in a statement. “However, given the current weakened state of the U.S. economy, we will consider other options if necessary – including use of the TARP program — to prevent a collapse of troubled automakers. A precipitous collapse of this industry would have a severe impact on our economy, and it would be irresponsible to further weaken and destabilize our economy at this time.” […]
Throwing money at the automakers won’t help. They won’t change and they’ll be back for another handout soon after. They’ve had decades to make cars Americans want to buy and they’ve failed. Let them go bankrupt — and take down the United Auto Workers (UAW) with them.
POST SCRIPT later the same day: Michael Moore has an op-ed offering insight into how leftists view the situation. Moore blames everybody but the union for the companies’ problems.