What's the point in arguing with what has already been done, in Sept. 2008, Bush watched as not just the US market was tanking but markets around the world were losing 7-10% of their value with the Russians shutting theirs down after losing 20%. After getting beat up for his slow response to Katrina 3 years earlier, Bush was not going to wait around for congressional debates to decide what happened or how to fix it, so instead he pushed for TARP including the first $25 billion lent to the big 3 auto companies.
CHARLOTTE, N.C. -- Cue "Fanfare for the Common Man" and rev up the Government Motors engines. Wednesday is Great American Auto Bailout Day at the Democratic National Convention. Party propagandists have prepared a prime-time-ready film touting the "rescue's" benefits for American workers. UAW President Bob King will sing the savior-in-chief's praises.
But like all of the economic success stories manufactured by the White House, the $85 billion government handout is a big fat farce.
"I said I believe in American workers, I believe in this American industry, and now the American auto industry has come roaring back," Obama bragged...
"The Automotive Industry Financing Program — which was created under the Troubled Asset Relief Program — provided $79.69 billion to GM, GMAC and "Chrysler. So far, they have paid back a little more than half of the money, or about $40 billion, according to Treasury’s daily report for Sept. 16 on TARP funds.
Ford did not receive any money under AIFP..."
Source: http://www.factcheck.org/2011/09/ford-motor-co-does-u-turn-on-bailouts/
http://www.forbes.com/sites/joannmuller/2012/08/29/automakers-report-card-who-still-owes-taxpayers-money-the-answer-might-surprise-you/