Bush Advises Obama to Exit Auto Industry
"The US has got to get out of the private sector, and therefore I hope our government gets out of the autos and the financials in which they have a stake,” the former president said in front of the Montreal Board of Trade. “Temporary measures must be temporary.”
Despite its involvement, on a financial level, in both carmakers which went bankrupt this year, the US government has repeatedly said it will have nothing to do with the way the two manufacturers are being run.
Even the top managers of those companies say GM's President and CEO Fritz Henderson is convinced that the US will stay out of the way the business is run, as the stake taken by the US are more about collateral than control.
"President Obama was quite clear that the government won't have influence over the next-generation coupe or sedan. We've not seen that through the automotive task force process."
On a more personal note, we are not even sure the US citizen would like to see the government out of the respective businesses. After billions of dollars have been pored into reviving already rotting companies, this course of action may be the only way to insure the money will find its way back. Yet...
“I don’t believe government can lead us out of the mess we are in,” Bush continued, “The private sector is the only engine for economic growth.”
Of course, all of the above comes from the man who also said "I'll be long gone before some smart person ever figures out what happened inside this Oval Office," so...