W. = "Won’t bail out" GM and Ford
Also: GM posted more than an $8 Billion Loss for FY 2005, announced today.
“President Bush said General Motors Corp. and Ford Motor Co. should develop ‘a product that's relevant' rather than look to Washington for help with their heavy pension obligations, and hinted he would take a dim view of a government bailout of the struggling auto makers.”
Bush said he didn't want to be put in the position to say yes or no to a Chrysler-style bailout, but he made it sound like that wasn't a precedent he wanted to repeat.
In discussing the auto companies' woes, Mr. Bush suggested his sympathies lie more with the workers who are displaced or unsettled by a changing corporate environment, saying his administration would focus on ways to retrain laid-off employees. “This is going to be a very troubling time for workers and their families,” Mr. Bush said, adding that companies had an obligation to assist employees they cut loose.