Dubya Urges Obama Administration to Sell Stake in Autos

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G.W. Bush has stated his concern about the American government being involved in the private sector, lending particular mention to the auto and financial industries to an association of Montreal business people, Bloomberg reports.

Bush said in his speech that government “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,” according to Bloomberg.

A quarterly audit said yesterday that American taxpayers are ‘extremely unlikely’ to earn any return at all on the government investments in the private sector.  TARP watchdog Neil Barofsky told Congress that the chances of recouping bailout money “is far from certain.”

“I don”t believe government can lead us out of the mess we are in,” Bush said. “The private sector is the only engine for economic growth.”

– By: Stephen Calogera

Source: Bloomberg


Chris Chin

Chris Chin is the Editor-In-Chief of egmCarTech and is a regular contributor to Automobile Magazine.

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