Tuesday, July 15, 2008 Bush: No bailouts for automakers David Shepardson / Detroit News Washington Bureau WASHINGTON -- President Bush said he wouldn't back government bailouts for automakers in the wake of a massive restructuring announcement by General Motors Corp. He also rejected efforts to force Americans to do more to conserve gasoline.
"I don't think the government ought to be involved with bailing out companies. ( unless they are hedge funds and investment banks - CB) I think the government ought to create the conditions so that companies can survive," Bush said at a White House press conference. Bush was asked whether companies like "General Motors, which today is cutting jobs, announcing they're going into the credit market to raise billions of dollars -- are there other entities that are so crucial to stability that require government action to show support for them?" Advertisement GM spokesman Greg Martin said the automaker hasn't sought a government bailout. "The action and urgency is on our shoulders," Martin said, saying the company. Bush also rejected calls to mandate fuel conservation. "People can figure out whether they need to drive more or less; they can balance their own checkbooks," Bush said. But he noted the shift in consumer demand in the auto industry. "Consumers are beginning to say, wait a minute, I don't want a gas guzzler anymore, I want a smaller car," he said. "The automobile industry is beginning to adjust here at home as consumer demand changes." You can reach David Shepardson at (202) 662 - 8735 or [EMAIL PROTECTED] This message has been scanned for malware by SurfControl plc. www.surfcontrol.com _______________________________________________ Marxism-Thaxis mailing list Marxism-Thaxis@lists.econ.utah.edu To change your options or unsubscribe go to: http://lists.econ.utah.edu/mailman/listinfo/marxism-thaxis
