(9 am. – promoted by ek hornbeck)
Lord_Mike posted this link in quick hits at OpenLeft.
White House considering “orderly” bankruptcy to deal with ailing automakers Jennifer Loven, AP White House Correspondent, Thursday December 18, 2008, WASHINGTON (AP) —
The Bush administration is seriously considering “orderly” bankruptcy as a way of dealing with the desperately ailing U.S. auto industry. — snip —
Bush said the auto industry is “obviously very fragile” and he is worried about what an out-and-out collapse without Washington involvement “would do to the psychology” of the markets.
“There still is a lot of uncertainty,” he said.
At the same time, the president said anew that he is worried about “putting good money after bad,” meaning taxpayer dollars shouldn’t be used to prop up companies that can’t survive the long term.
He revealed one other consideration — that Barack Obama will become president in just over a month.
“I thought about what it would be like for me to become president during this period. I believe that good policy is not to dump him a major catastrophe on his first day in office,” Bush said.
You want to see the unemployment this represents? Just click on this link and then scroll the list of Chrysler facilities and factories. I knew they were big. But when you see it all written down, the unemployment it represents is overwhelming.
Despite the fear and consequences of a depression, Bush just can’t resist pulling the trigger himself.
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I have this overwhelming urge to go have a beer with the guy.
“I believe that good policy is not to dump him a major catastrophe on his first day in office”
How bad does a catastrophe have to be for Bush to consider it major?
And for someone who finds words so challenging, is inserting “orderly” in front of bankruptcy supposed to make us feel confident?
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Saw today that they got the money. So much for AP.
A TV was playing in the background while we did worker orientations (informational meetings for terminated workers from one of the automotives. 2,600 gone, and they are worried about being able to find new jobs. I can’t say I blame them.