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Ex-Rubberstamp GOP Senaturd Voinovich Politicizes Auto Bailout: "Bush Deserves Credit".
http://www.cleveland.com/opinion/index.ssf/2012/09/george_w_bush_deserves_credit.htmlJesus Writhing Christ on a Stick. Sooo, which is it George? Does Bewsh 43 deserve credit for saving GM or are you backing Mitt RobMe, who famously said "Let Detroit Go Bankrupt"? Do we go from not even mentioning his name to all of a sudden giving him credit for things his Admin barely had a hand in? I'm not even sure why this matters or was even necessary in hindsight.
Who knew that cars could be such a political football? Although the Obama administration is taking credit for saving GM and Chrysler, if it wasn't for the work of President George W. Bush, there wouldn't be much of an industry to squabble over.
snip
Working with my colleagues, we crafted legislation that would have provided up to $25 billion of assistance already appropriated through Section 136 of the Energy Independence and Security Act of 2007. This bill sought to protect taxpayers by including prohibitions on executive compensation, golden parachutes, dividend payments and equity stakes to share in future profits.
Unfortunately, the legislation died under objections from House Speaker Nancy Pelosi and Sen. Harry Reid, both Democrats, which caused panic in financial markets. This negative reaction caused congressional Democratic leaders to abandon their objections to Section 136 and join the Bush administration in developing a new plan.
I'll never forget the Tuesday, Dec. 9, 2008, Republican policy lunch when I warned my colleagues that if they voted against the compromise, the president would have to consider using the bank bailout fund for loans to automakers. It was my opinion that the president was not going to leave office being known as George "Herbert Hoover" Bush. Vice President Dick Cheney, who attended the lunches but rarely spoke, confirmed what I had told my colleagues and urged them to support the compromise.
On Dec. 10, the House approved a compromise auto bailout, but it died in the Senate at the hands of senators from right-to-work states. It was an unfortunate outcome to important bipartisan efforts designed to help a lynchpin of America's manufacturing might.
The irony is that if the Senate had approved the compromise plan, President Bush would not have had to use bank rescue funds -- known as "TARP" -- and lawmakers, not President Barack Obama, would have called the shots on the loan conditions for automakers.
snip
Working with my colleagues, we crafted legislation that would have provided up to $25 billion of assistance already appropriated through Section 136 of the Energy Independence and Security Act of 2007. This bill sought to protect taxpayers by including prohibitions on executive compensation, golden parachutes, dividend payments and equity stakes to share in future profits.
Unfortunately, the legislation died under objections from House Speaker Nancy Pelosi and Sen. Harry Reid, both Democrats, which caused panic in financial markets. This negative reaction caused congressional Democratic leaders to abandon their objections to Section 136 and join the Bush administration in developing a new plan.
I'll never forget the Tuesday, Dec. 9, 2008, Republican policy lunch when I warned my colleagues that if they voted against the compromise, the president would have to consider using the bank bailout fund for loans to automakers. It was my opinion that the president was not going to leave office being known as George "Herbert Hoover" Bush. Vice President Dick Cheney, who attended the lunches but rarely spoke, confirmed what I had told my colleagues and urged them to support the compromise.
On Dec. 10, the House approved a compromise auto bailout, but it died in the Senate at the hands of senators from right-to-work states. It was an unfortunate outcome to important bipartisan efforts designed to help a lynchpin of America's manufacturing might.
The irony is that if the Senate had approved the compromise plan, President Bush would not have had to use bank rescue funds -- known as "TARP" -- and lawmakers, not President Barack Obama, would have called the shots on the loan conditions for automakers.
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