Memos Indicated Bush Administration Favored Earlier Bankruptcy For GM And Chrysler

"The Bush administration "currently estimates that the companies would require $100 billion of DIP financing. We believe that number may be inflated," Summers wrote.
On Dec. 19, 2008, President George W. Bush agreed to lend GM and Chrysler $17.4 billion, without requiring the companies to file for bankruptcy. He advanced $25 billion to the companies and their auto finance arms before leaving office a month later."


"Summers served as co-chair of Obama's auto task force and was director of the National Economic Council"


Nice to see BOTH parties working "together," huh??

Don't fool yourself, there is only ONE party in the United States: $

You really can't make a reasoned argument can you? It's all just bumper-stickers and cute slogans in your world. Curse the person that showed you how to work the computin' machine.

These billions of dollars should've been given to the average people who lost all of their life saving and homes instead of making the wealthy even wealthier. But, again the wealthy rule the world this would be stupid thing for them to even think about.

True, it did benefit the select few running the corporations. But dollar for dollar, a larger gain was seen by the working class of these corporations (whether helping uaw members is good or not can be debated elsewhere)

If a republican favored it then it's a good idea. If Obama favors the exact same idea, then its a bad idea.