STOCK MARKET WATCH -- Wednesday, 8 February 2012

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40. Bush on auto bailouts: 'I'd do it again'

http://bottomline.msnbc.msn.com/_news/2012/02/07/10342178-bush-on-auto-bailouts-id-do-it-again

It has become one of the rare things that binds the two men, the controversial automotive bailout that was begun by former President George W. Bush and completed by his successor, President Barack Obama.

The latter defended his actions during the recent state-of-the-union address, during which he declared “The U.S. auto industry is back.” His predecessor used a meeting of the nation’s auto dealers to defend his own actions, insisting he had no other choice but to completely sink the American economy.

“I’d do it again,” proclaimed Bush, speaking to the annual convention of the National Automobile Dealers Association.

The bailout, which ultimately totaled $85 billion, was originally begun during the waning days of the Bush administration. With a specific rescue effort rejected by Congress, the former Commander-in-Chief decided to tap into a separate, $700 billion fund Capitol Hill did approve for the bailout of Wall Street and the banking industry.