December 18, 2008 / 10:38 PM / in 9 years

Disorderly auto failure could be destabilizing: Bush

WASHINGTON (Reuters) - President George W. Bush expressed concern on Thursday that a disorderly bankruptcy in the auto industry could be “very destabilizing” and said he was looking for concessions from labor unions and others in deciding on aid to automakers.

“I am very concerned about a shock to the system,” Bush told C-SPAN as his administration considered options for providing relief to the troubled U.S. auto industry.

Asked whether he was seeking concessions from the automakers’ unions, Bush said, “Yes, you see, there’s two principles that’s driving me on this. One is, a disorderly bankruptcy could be very destabilizing for what is now a fragile financial market.”

“I‘m also concerned about putting good money after bad,” he added. “And therefore, it’s going to be very important that whatever we do, that there be a plan that the autos -- that would be management as well as dealers as well as labor -- show how they could be viable for the future.”

Reporting by Matt Spetalnick

Our Standards:The Thomson Reuters Trust Principles.
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