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Cheney Opposed GM Bailout

Former Veep wanted to led Detroit makers fail.

by on Aug.30, 2011

Former VP Dick Cheney tried to block the bailout of GM and Chrysler.

Former Vice President Dick Cheney was strongly opposed to saving General Motors and Chrysler and tried to convince then-President George W. Bush not to approve a proposed bailout of the floundering Detroit makers.

Ultimately, the outgoing Commander-in-Chief decided to approve a partial rescue, at a cost of $17.4 billion for GM and Chrysler and another $7.5 billion for Chrysler Financial and what was then known as GMAC.  The money helped carry the two makers and their lending arms through until early 2009 when the White House guard changed, newly-elected Pres. Barrack Obama authorizing billions more in rescue money.

Designed to Impress!

“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,” the oft-controversial Cheney writes in his new memoir, “In My Time.”