Bush on auto bailouts: "I would do it again"

"Sometimes get circumstances in philosophy", George W. Bush said during his speech last week in Las Vegas, with reference to its normal state in favour of free trade.

It has one of the rare things, was that the two men that controversial binds car bailout, which started by former President George W. Bush and completed by his successor, President Barack Obama.

The latter defended his actions during the recent State of the Union address, in which he explains "the United States automotive industry is back." Its predecessor used a meeting of the nation's car dealers to defend his own actions, insisting that he had no other choice but to sink the American economy.

"I would do it again" announced Bush Automobile Dealers Association, speaking to the annual Conference of the national.

The bailout, which ultimately amounted to $85 billion, was originally started in the waning days of the Bush administration. The former Commander in Chief decided to tap 700 billion dollar fund approved Capitol Hill for the rescue of Wall Street and the banking industry with a specific rescue attempt by the Congress rejected in a separate.

"Sometimes, circumstances in the philosophy," the former President said during his speech in Las Vegas, with reference to its normal state in favour of free trade.  "If you make a bad decision, you should pay," he said, referring to the collapse of General Motors and Chrysler.

But Bush pointed out that on the failure of Lehman Brothers, the collapse of the banking sector and the collapse of the housing market comes a painful change in policy was required.

"I would like to be not there to 21 percent unemployment," said he, ECHO forecasts at the time the loss of GM, Ford and the automotive industry lenders also covered by the bailout could lead to a loss of 1 million jobs.

The former President has kept a low-key profile since the end of his term in January 2009 - although he "Decision points" - his successor to the much of the criticism of field called book the bailout "the only option" in its 2010, leave.

In this book, the 43rd President, argues that "immediate crash (Chrysler and GM) could be more than one million costs jobs, to reduce tax revenue by $150 billion and set back America's gross domestic product to hundreds of billions of dollars."

Republican President candidate Mitt Romney is among those who have said that she would have rejected a rescue mission.

"My view on the bailout was, whether it was of President Bush or President Obama, it was the wrong way to go," said Romney - whose Vater George Detroit-based American Motors - once last year ran during a GOP presidential debate in November.

All in accordance with the Bush administration goes $25 billion in emergency aid, $13.4 billion to GM, another $4 billion to Chrysler.  The Obama management $60 billion added to shortly after he took office.

Chrysler wrote from the money paid provided under Bush but last year the company the loan in 2009 get.  General Motors, in the meantime $ 23 billion to the Treasury returned partially through the repayment of loans, and also through the sale of more than half of the shares taxpayers in the automaker held.

The Government holds a stake of 26 per cent, however, and GM seem to be civil servants an Exchange recovery wait above offer is based on the production of a second.  $33 While GM November 2011 IPO crashed the manufacturer's shares after the price to less than $20 per share. The stock has recently had a $26 per share rest currently trading at just over.  But to break even, more than $50 per share to the remaining GM shares would have to get the Treasury.

Conclusion of his address to the NADA Convention, Bush said "I want not my successor with an additional economic crisis, saddle," drawing applause from the A- dealers, the Trade Group President Bill Brady, describes the decision as "brave".