Editor/Reporter - CheersandGears.com
February 11, 2012
Former President George W. Bush spoke this week to a gathering of auto dealers. During his speech, Bush defended his decision on bailing out Chrysler and General Motors.
"I'd do it again. I didn't want there to be 21 percent unemployment," Bush told dealers.
Bush told dealers he believed in the free market and in normal conditions, automakers and other businesses should have been allowed to fail.
"If you make a bad decision, you ought to pay," Bush said. "Sometimes circumstances get in the way of philosophy."
In late December 2008, Bush agreed to a $17.4 billion bailout for GM and Chrysler as part of the $700 billion Troubled Asset Relief Program.
Bush avoided talking about the current Republican candidates saying the bailout was a bad idea. Republican presidential candidate Mitt Romney has said both Bush and current President Barack Obama were wrong in their decision to do a bailout. Romney said he would have put both companies in a controlled bankruptcy from the start.
Source: The Detroit News