George W. Bush, a former president of the United States of America, declaimed “I’d do it again” in reference to the controversial auto bailouts for GM and Chrysler at the 2012 National Automobile Dealers Association (NADA) convention.
“I didn’t want there to be 21 percent unemployment,” Bush said in the closing address of 2012 NADA convention, attended by more than 22,000 dealers and their families.
“I would make the same decision again,” said Bush.
While believing that marketplace and corporations had to pay for their own problems, he said “sometimes circumstances get in the way of philosophy.”
“The immediate bankruptcy of [Chrysler and GM] could cost more than a million jobs, decrease tax revenues by $150 billion and set back America’s Gross Domestic Product by hundreds of billions of dollars”, Bush wrote.
GM got $13.4 billion from the Bush administration and Chrysler got $4 billion. In addition, the two companies received more from the Obama administration’s $60 billion bailouts.
The results for bailout, fortunately, are not disappointing. GM has returned as the No. 1 auto sales company in North America as IBTimes reports, repaying about $23 billion, though Treasury still owns about 26% of GM’s stock. Chrysler repaid its loans in full last May, six years before the deadline.
President Obama said that the American cars are of great value.
“When you look at all these cars, it is a testimony to the outstanding work that's been done by workers, American workers, American designers. The U.S. auto industry is back,” said Obama.
“The fact that GM is back to No. 1 I think shows the kind of turnaround that's possible when it comes to American manufacturing. It's good to remember the fact that there were some folks who were willing to let this industry die.”
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