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To The Rescue: Bush to Give Low-Interest Loans to GM and Chrysler

The White House has decided to come to the rescue of General Motors and Chrysler by providing them with $17.4 billion in low-interest loans to keep them afloat, ABC News has learned.

The money for the loans will come from the Troubled Asset Relief Program fund, signed into law this fall to bail out the financial industry. The president will provide $13.4 billion in short-term financing in December and January and plans to make another $4 billion available in February, provided it can reach into the second half of the $700 billion TARP fund to do so.

The deal also includes as a non-binding "target" a key provisions, including making work rules and wages competitive with workers at foreign car companies in the U.S.

Chrysler CEO Bob Nardelli issued a statement saying the company was grateful for the helping hand and that, "Chrysler is committed to meeting these requirements."

Pressure had been building for President Bush to act. Chrysler temporarily shut down all of its plants earlier this week to save money, and GM delayed construction on a new plant for the same reason. And House Speaker Nancy Pelosi urged Bush on Thursday to make a decision because the nation's weakened economy could not risk a massive wave of layoffs.

"This is a difficult time for a free-market person," Bush said Thursday. "Under ordinary circumstances, failed entities, failing entities should be allowed to fail. I have concluded these are not ordinary circumstances, for a lot of reasons... We got to the point where if a major institution were to fail, there is great likelihood that there'd be a ripple effect throughout the world, and the average person would be really hurt."

Treasury Secretary Henry Paulson told a business forum in New York Thursday night it was too risky to simply let the automakers fail.

"When you look at the size of this industry and look at all those that it touches in terms of suppliers and dealers… it would seem to be an imprudent risk to take," he said....More

Political Roast-The Late Show Joke-David Letterman

How about that guy that heaved his shoes at the president? Of course, everybody is saying well, what happened to the Secret Service? Good question. Where is the Secret Service? From now on, alright, take off your shoes. It's going to be that way. You want to see the president? Alright, slip out of those shoes." --David Letterman

"It turns out this guy was described as a hot head. He's a guy who is an Iraqi journalist. They say he's a hot head with poor journalistic skills. Well, no surprise, today he was offered his own show on Fox News." --David Letterman

"But I've got to give President Bush credit for this, because he's taking it all pretty well. He says that he's actually happy about the shoe-throwing episode, because he says it proves finally that Iraq does, in fact, possess foot wear of mass destruction." --David Letterman

"I don't know. Listen to this, ladies and gentlemen. Here's something that happened. The Electoral College has officially elected Barack Obama as president of the United States. I don't know anything about politics or elections, but boy, it's really starting to look bad for John McCain." --David Letterman

Co. buys back Bush library domain name for $35K

Co. buys back Bush library domain name for $35K

DALLAS – George W. Bush's presidential library domain name has been retrieved after a Web developing company accidentally let it expire — and it apparently came at a high price.

Raleigh, N.C.-based Illuminati Karate paid less than $10 for the http://www.GeorgeWBushLibrary.com domain name and sold it back earlier this year for $35,000 to the library's contracted Web developers, Yuma Solutions, said George Huger, lead Web developer for Illuminati Karate.

Mark Mills, owner of Yuma Solutions, did not immediately return calls seeking comment Thursday.

The Tallahassee, Fla.-based company has a history with the Bush family, hosting Web sites for Bush's 2000 campaign and for Florida Gov. Jeb Bush's 1998 and 2002 campaigns.

Records indicate that in March 2007, the George W. Bush Library Foundation, using Yuma Solutions as its contractor, bought the domain name from a private citizen for $3,000. But the registration was set to expire within a few months.

Huger said he grabbed the library name, seeing its potential, while searching through a public list of names that were about to expire, The Dallas Morning News reported in Thursday.

Months later, Huger had received some offers on it, but he declined to provide details.

After the Morning News reported that the library had lost the domain, Mills contacted Illuminati Karate and asked to buy it back, Huger said.

At the time, a library foundation spokesman said officials were unaware that the name had been lost.

Yuma finally reached a deal to buy the Web address back for $35,000, which the company, not the library foundation, apparently paid, Huger said. The site changed hands in April and won't expire until 2013.

Mark Langdale, president of the George W. Bush Library Foundation, said he didn't know about the Web site being lost and recovered. But, he said, he would know if the library had been stuck with a surprise $35,000 expenditure.

The George W. Bush Presidential Center — which will include a library, museum and public policy institute — is being built at Southern Methodist University in Dallas.
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Political Roast:Colbert roasts Bush

Stephen Colbert grills President to his face at the White House Press Corps Dinner


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