Thankfully, it seems Dubya has finally figured out that bailing out the Auto industry is like taking a large sum of money and throwing it in a bottomless pit.
The essesnce of the free enterprise system is that profitable companies survive and excel, less profitable ones fail and go out of business.
Detroit has chosen to be the latter and not the former, so best of luck to them. Fact is, their best and brightest would easily land on their feet, the excess baggage would probably go look for a handout elsewhere…
President George W. Bush said on Monday an announcement on a auto industry rescue was not imminent, leaving the industry’s fate clouded in uncertainty for a little longer.
“We’re not quite ready to announce that yet,” Bush told reporters on Air Force One during a flight from Baghdad on an unannounced visit to Afghanistan.
He had been asked when he might make an anticipated announcement about tapping a $700 billion financial industry bailout fund to aid General Motors Corp, Ford Motor Co and Chrysler LLC.
Asked whether he was leaning toward using financial bailout funds, Bush said: “I signaled that that’s a possibility.”
Bush said a decision would not take long. White House spokeswoman Dana Perino said earlier that she had no timetable for a decision.
Posted by PUMA Pundit
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