You’d be hard-pressed to find any similarities between the current and the former presidents of the United States. Yet, Barack Obama and George W. Bush actually do have one thing in common: they both agree that bailing out the bankrupt U.S. car industry was the right thing to do.
Bush, whose extension of bridge loans to U.S. automakers was one of the last decisions before he left office, gave the closing address to the annual National Automobile Dealers Association (NADA) convention.
The former President said Treasury Secretary Henry Paulson and Federal Reserve Chairman Ben Bernanke warned him that, unless the administration took drastic measures, a new depression was imminent.
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