Dick Cheney Reveals He Wanted to Let GM, Chrysler Fail

Dick Cheney Reveals He Wanted to Let GM, Chrysler Fail

Never far from controversy, former Vice-President Dick Cheney has stirred the pot again, this time, declaring that he was against government handouts to automakers Chrysler and General Motors.

In his new memoir ‘In My Time,’ Cheney states “Although I understood the reasoning, I would have preferred that the government not get involved and was disappointed — but not surprised — when the Obama administration significantly increased the government intervention in the automobile industry shortly after taking office.”

That said, Cheney was in favor of saving the nation’s banks, even though many economists believe it was their recklessness that caused financial turmoil in the first place.  In reference to America’s financial institutions he remarked that “providing sufficient support to avoid the collapse of our banking system was something only the federal government could do. But, all things considered, companies in the private sector should be judged in the marketplace. Having the government intervene was not, in my opinion, a good idea.”

Nevertheless despite the views of his V-P and some members of Congress, then President George W. Bush approved a partial rescue package for Chrysler and GM, with some $17.4 billion set aside for both automakers, plus an additional $7.5 billion for their financial arms, GMAC and Chrysler Financial Services.

In reference to the bailout, Bush stated that, “the immediate bankruptcy of the Big Three could cost more than a million jobs, decrease tax revenues by $150 billion and set back America’s GDP by hundreds of billions of dollars,” though he did say,”it was frustrating to have the automakers’ rescue be my last major economic decision.”

As it stands today; Chrysler has paid back its portion of the loan provided under the Obama Adminstration, not the Bush loan, which has been written off. General Motors has paid off all the loan money it received, but unless it’s second Public Offering of shares sees a sizeable jump in the stock price, it is unlikely GM will be able to recoup all of the money invested in it by the US Treasury.

Getting back to Cheney, the auto bailout isn’t the only thing in his memoir likely to raise hairs, he also makes comments declaring that the invasion of Iraq hasn’t hurt America’s reputation overseas. Cheney’s memoir has been on sale at bookstores since last Thursday.

[Source: The Detroit Bureau]

« Back

SWEEPSTAKES – OFFICIAL RULES, TERMS AND CONDITIONS

 

AutoGuide.com’s Continental Control Sport Tires Giveaway – By subscribing to the AutoGuide.com Newsletter, Entrants are eligible to win four (4) Continental ControlContact Sport AS Tires, or four (4) Continental Control/Contact Tour AS Tires, sponsored by Discount Tire (value of $900.00 USD). One (1) winner will be chosen at random and contacted by VerticalScope Inc.’s staff.

 

  1. NO PURCHASE OR PAYMENT OF ANY KIND IS NECESSARY TO ENTER OR WIN THIS SWEEPSTAKES. AGE/RESIDENCY RESTRICTIONS, VOID WHERE PROHIBITED.

 

  1. PRIZE:One (1) Winner will be randomly selected to each receive:four (4) Continental ControlContact Sport AS Tires, or four (4) Continental Control/Contact Tour AS Tires from Discount Tire (the “Prize Supplier”). Total approximate retail value of all prizes is approximately $900.00 USD. Prizes are not transferable and no cash or prize substitution is allowed. Prize package is awarded “as is” with no warranty or guarantee, either express or implied.

 

  1. ELIGIBILITY: From the time of entry through the final date of prize fulfillment, each contest entrant and selected entrant must be a permanent lawful citizen and resident residing in the 50 United States or the District of Columbia, and be twenty one (21) years of age or older.VOID IN PUERTO RICO, THE U.S. VIRGIN ISLANDS, IN ALL FOREIGN COUNTRIES OUTSIDE OF THE UNITED STATES, AND ALL OTHER U.S. TERRITORIES AND POSSESSIONS AND WHERE PROHIBITED OR RESTRICTED BY LAW. Employees, officers, directors, agents and representatives, of the Sponsor and the Prize Supplier and each of their respective parent companies, affiliates, subsidiaries, advertising and promotion agencies, promotion partners and any entity involved in the development, production,  implementation, administration or fulfillment of this Sweepstakes, and the immediate family members (e.g., spouse, mother, father, sister, brother, uncle, aunt, nephew, niece, grandparent, in-law, daughter and son, regardless of where they live) and persons living in the same household (whether or not related) of such individuals are not eligible to participate or win. Only one selected entrant per household. All decisions of the Sponsor with respect to this sweepstakes are final. The Sponsor shall have the right at any time to require proof of identity and failure to provide such proof may result in disqualification from the Sweepstakes.

 

  1. ENTER BY INTERNET:Beginning on Monday, August 1st, 2016, you may enter this sweepstakes via the Internet by logging onto AutoGuide.com and subscribing to the Newsletter.

 

  1. SELECTION OF WINNER:One (1) entrant will be selected on or about August 13th, 2016 by random selection of entrants who have subscribed to the AutoGuide.com Newsletter. The winner will be contacted directly by a representative of Sponsor via email. The winner will be required to provide a mailing address (that is not a P.O. box) to receive the prize which will be shipped free of charge.

 

  1. ODDS OF WINNING:Odds of winning a prize are determined by the total number of eligible entries received.

 

  1. RESTRICTIONS:The prize package consists of four (4) Continental ControlContact Sport AS Tires, or four (4) Continental Control/Contact Tour AS Tires from Discount Tire approximately valued at $900.00 USD.  If prize cannot be awarded due to circumstances beyond the control of the Sponsor or Prize Supplier, no substitute prize will be awarded due to the unique nature of the prize. Sponsor and Prize Supplier shall not be liable to the winner or any person claiming through winner for failure to supply the prize or any part thereof, by reason of any acts of God, any action(s), regulation(s), order(s) or request(s) by any governmental or quasi-governmental entity (whether or not the action(s), regulations(s), order(s) or request(s) prove(s) to be invalid), equipment failure, utility failure, internet failure, terrorist acts, threatened terrorist acts, air raid, blackout, act of public enemy, earthquake, war (declared or undeclared), fire, flood, epidemic, explosion, unusually severe weather, hurricane, embargo, labor dispute or strike (whether legal or illegal) labor or material shortage, transportation interruption of any kind, work slow-down, civil disturbance, insurrection, riot, or any other cause beyond Sponsor’s or Prize Supplier’s control (collectively, “Force Majeure Event”). Sponsor shall not be responsible for any cancellations, delays, diversions or substitutions or any act or omissions whatsoever by the performers/events, other transportation companies or any other persons providing any of these services and accommodations to passengers including any results thereof such as changes in services or accommodations necessitated by same.

 

  1. CONDITIONS:By entering the Sweepstakes, entrants agree to be bound by the Official Rules, Terms and Conditions and that Sponsor has the irrevocable right to use in perpetuity entrants’ names, user names, likenesses, photographs, voices, home mailing address, biographical and prize information, and entry materials, without notice to entrants and without compensation or obligation, in any and all media now or hereafter known throughout the world, in any manner whatsoever, to advertise and promote Sponsor, its products and services, the Sweepstakes, and for any other purpose except where prohibited by law. Entrant waives the right to assert as a cost of winning a prize any and all costs of verification and redemption or travel to redeem said prize and any liability which might arise from redeeming or seeking to redeem said prize. Sponsor is not responsible for fraudulent calls or emails made to entrants not by the Sponsor. If the Sweepstakes is not capable of running as planned by reason of damage by computer viruses, worms or bugs, tampering, unauthorized intervention, fraud, technical limitations or failures, any Force Majeure Event or any other cause which, in the sole opinion of Sponsor, could corrupt, compromise, undermine or otherwise affect the administration, security, fairness, integrity, viability or proper conduct of the Sweepstakes, Sponsor reserves the right, in its sole and absolute discretion, to cancel, terminate, modify or suspend all or any part of the Sweepstakes, and to select a winner from among all eligible entries received by Sponsor up until the time of such cancellation, termination, modification or suspension, as applicable. Sponsor reserves the right in its sole discretion to disqualify any individual that (i) tampers or attempts to tamper with the entry process or the operations of this Sweepstakes in any manner, (ii) violates the Official Rules, Terms and Conditions or (iii) acts in an unsportsmanlike or disruptive manner, or with intent to annoy, abuse, threaten or harass any other person. CAUTION: ANY ATTEMPT BY AN ENTRANT OR ANY OTHER INDIVIDUAL TO DELIBERATELY DAMAGE OR UNDERMINE THE LEGITIMATE OPERATION OF THIS SWEEPSTAKES IS A VIOLATION OF CRIMINAL AND CIVIL LAWS. SHOULD SUCH AN ATTEMPT BE MADE, SPONSOR RESERVES THE RIGHT TO SEEK CIVIL AND/OR CRIMINAL PROSECUTION AND/OR DAMAGES FROM ANY SUCH PERSON TO THE FULLEST EXTENT PERMITTED BY LAW. Any expenses and receipt and use of the prize and federal, state and local taxes and fees applicable in connection with the prize awarded are the sole responsibility of the winner. An IRS Form 1099 will be issued in the name of the winner for the actual value of the prize received. This Sweepstakes is subject to all federal, state and local laws of the United States.VOID WHERE PROHIBITED. Sponsor, Prize Supplier, and their respective officers, directors, parent companies, affiliates, subsidiaries and advertising and promotion agencies, employees, representatives and agents are not responsible for and shall not be liable for (i) any injuries, losses or damages of any kind caused by a prize resulting from acceptance, possession or usage of the prize, or (ii) printing, distribution or production errors. Sponsor or its affiliates may rescind any promotion found to contain such errors without liability at its or their sole discretion.

 

  1. SPONSOR:The Sponsor of this contest is VerticalScope Inc. (the owner and operator of AutoGuide.com), 111 Peter Street, Suite 700, Toronto, Ontario, M5V 2H1.
Enter for a chance to Win a set of tires by subscribing to the AutoGuide.com newsletter.
Read Contest Rules

Get Breaking Automotive News, Reviews and Video in your Facebook Feed!

Already Liked