The Barack Obama administration and the former George Bush administration are in a battle of words over who is responsible for the collapse of Chrysler and General Motors.
According to the Obama economic advisor Austin Goolsbee, who spoke on Fox News last night, the Obama administration turned down a pitch last November from Bush’s administration to publicly join forces on setting tough conditions for GM and Chrysler in return for federal aid.
“We are only in this situation because somebody else kicked the can down the road, and that’s really an understatement,” Goolsbee said. ”When George Bush put money into General Motors, almost explicitly with the purpose, how many dollars do they need to stay alive until January 20th, 2009? There was no commitment to restructuring, to making these viable enterprises of any kind. I don’t know why the Bush administration simply handed them money and shoved...
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