Obama statement on Bush bailout

By GottaLaff

That post title is lifted from First Read, and now that I've re-read it, it reads as if Bush is the one getting the bailout. That's not far from the mark.

Obama:

"Today's actions are a necessary step to help avoid a collapse in our auto industry that would have devastating consequences for our economy and our workers. With the short-term assistance provided by this package, the auto companies must bring all their stakeholders together -- including labor, dealers, creditors and suppliers -- to make the hard choices necessary to achieve long-term viability. The auto companies must not squander this chance to reform bad management practices and begin the long-term restructuring that is absolutely required to save this critical industry and the millions of American jobs that depend on it."

UPDATE:

In addition to his choices for Labor (Hilda Solis), Transportation (Ray LaHood) and U.S. Trade Representative (Ron Kirk), Obama will announce Karen Mills as his choice to head the Small Business Administration at his news conference later today.

Mills:

Mills is a venture capitalist and a founding partner of the New York-based equity firm Solera Capital. She has been an adviser to Maine Gov. John Baldacci on economic matters. She's also president of the MMP Group in Brunswick.