Cheney Backed Bank Bailout, Opposed Saving Auto Industry
Though Dick Cheney agreed with bailing out the banking industry with a $700 billion federal infusion, he says in his memoir that he would have "preferred" that the government not have bailed out GM with $13.4 billion.
After leaving office, President George W. Bush characterized his decision as vital for maintaining jobs at a time when the economy appeared ready to sink even further.
The costs of the bailout because of investment losses are nearing $14 billion, Business Insider reports.
Cheney's memoir, "In My Time," was released Tuesday amid much fanfare. Cheney had said the book would make heads explode. So far, Colin Powell's criticism has been the most strident. Cheney wrote that Powell essentially sandbagged the president by expressing doubts about the decision to attack Iraq. Cheney defended his book, saying there's also positives about Powell inside.
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