December 19, 2008: Text of Bush’s statement on auto industry rescue (AP)

  • This means the only way to avoid a collapse of the U.S. auto industry is for the executive branch to step in. The American people want the auto companies to succeed and so do I.
  • The actions I’m announcing today represent a step that we wish were not necessary. But given the situation, it is the most effective and responsible way to address this challenge facing our nation. By giving the auto companies a chance to restructure, we will shield the American people from a harsh economic blow at a vulnerable time and we will give American workers an opportunity to show the world, once again, they can meet challenges with ingenuity and determination and bounce back from tough times and emerge stronger than before.
  • END Related Searches: global financial crisis american industry the american people white house Recommend Buzz Up Send Email IM Share Digg Facebook Newsvine Reddit StumbleUpon Technorati Yahoo! Bookmarks Print (function() { /** * YUI function to get all elements by class name * getElementsByClass */ function getElementsByClass(className, tag, root) { tag = tag || ‘*’; root = (typeof root == ‘string’) ? document.getElementById(root) : root || document; var nodes = [], elements = root.getElementsByTagName(tag), re = new RegExp(‘(?:^|\s+)’ + className + ‘(?:\s+|$)’); for (var i = 0, len = elements.length; i defaultHeight) { // if primary exists then use that height, otherwise use related var obj = getElementsByClass(‘primary-media’,’div’,related)[0]; if (!obj) obj = related; // set height from primary or related container minHeight = parseInt(obj.offsetHeight, 10); // if the minheight is smaller than default, then set it to default if ( (minHeight heightLimit) { // set overflow and height = minHeight + “px”; bd.className += ” overflow”; story.className += ” read-closed”; // add read more expand button var div = document.createElement(‘div’); div.className = ‘read-more read-more-expand’; div.innerHTML = ‘Read Full Article’; // we have to handle the case where a user might click the button before our YUI script loads // if so, remove the height and overflow setting then hide the button, also add #full hash to url so // if script eventually is loaded it doesnt recreate the buttons and collapse the story div.onclick = function(ev) { var e = ev || window.event; // show full story = ‘auto’; bd.className = bd.className.replace(‘overflow’,’expanded’); story.className = story.className.replace(‘read-closed’,”); // hide the toggle button div.className += ’ hide’; // disable link follow if (e.preventDefault) { e.preventDefault(); } else { e.returnValue = false; } } // add div to document bd.appendChild(div); } }})(); Related Obama praises Bush rescue plan for carmakers AP Bailout approved: Automakers to get $17.4B AP More… Video: Bush bails out automakers AP Video: Saving Detroit CNBC Video: Paulson: Nation facing historic economic times AP Most Viewed - Business Mass. investor saw inside Madoff scam AP Oil pares losses on hopes of real cuts from OPEC Reuters Stocks rise as White House backs aid to automakers AP Madoff scandal could lead to tax losses nationwide AP Israel urges Russia not to sell missiles to Iran AP All Most Viewed » Most Blogged - Business Auto Makers to Get $17.4 Billion (at The Wall Street Journal Online) Yahoo! Finance: Auto Manufacturers - Major Industry News – Fri Dec 19, 5:54 am EDT Blogs About This Story (26) Prev Next Op-Ed Columnist: The Madoff Economy New York Times – Thu Dec 18, 9:45 pm EDT Blogs About This Story (17) Prev Next The Reckoning: Tax Break May Have Helped Cause Housing Bubble New York Times – Thu Dec 18, 7:22 pm EDT Blogs About This Story (10) Prev Next Elsewhere on the Web Texas Braces for an Oil Bust NPR: Do Automakers Have To Make Concessions? FOXBusiness: Sovereign Bancorp To Cut 1,000 Jobs Subscribe Add headlines to your personalized My Yahoo! page (About My Yahoo! and RSS) White House News - AP Add to My Yahoo! Business - Automotive Add to My Yahoo! RSS George W. Bush Add to My Yahoo! RSS More News Feeds » Alerts Get an alert when there are new stories about: global financial crisis American industry The American people White House Add Selected Alerts View More Alerts » Also on Yahoo! News Today in History Obituaries Corrections News by Region (Yahoo! Directory) Yahoo! News & Media Sites Daily Features All Comics » Opinions & Editorials: Diverse views on news from the right, left, and center. All Opinion » Photo Highlight Photo Highlight Slideshow