James Pethokoukis

Politics and policy from inside Washington

Cheney: Let GM fail

May 28, 2009

Larry Kudlow had a marvelous chat with the former veep yesterday. I think this exchange on GM is particuarly noteworthy:

Mr. CHENEY: Well, some of us at the time wanted GM to go bankrupt, go to Chapter 11.

KUDLOW: Were you in that camp?

Mr. CHENEY: I was. The decision was made that, in the final analysis, since our administration was almost over and a brand-new team was about to take over that the president wanted, in effect, not to take a step that wasn’t necessarily going to be followed by his successor, but rather to set up a situation which the new guys could address that issue and make a decision about what the long-term policy was going to be. And we came up with a short-term package, in effect, that got us through the–through the inauguration.

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