(Bloomberg News) Former U.S. President George W. Bush told car dealers gathered at a convention in Las Vegas he "didn't want to gamble" with a depression in defending the loans he gave to General Motors Corp. and Chrysler LLC.

"I didn't want there to be 21 percent unemployment," Bush said in a speech yesterday to cap the annual National Automobile Dealers Association convention, attended by more than 20,000 people. "I didn't want to gamble. I didn't want history to look back and say, 'Bush could have done something but chose not to do it.' And so I said, 'no depression.'"

The Bush administration provided loans to GM and Chrysler starting with $4 billion to each company in December 2008 and January 2009. Bush eventually provided $17.4 billion in aid to the automakers before Barack Obama's administration expanded the rescue of the companies to $62 billion.

Obama has cited the assistance given to the auto industry as an example of policy that protected U.S. jobs. Republican presidential candidates including Mitt Romney have criticized the moves by Bush and Obama as bailouts that interfered with private markets and contributed to the national deficit.

"I'd make the same decision again if I had to," Bush, 65, told Stephen Wade, the dealers association's outgoing chairman.

GM, which emerged from bankruptcy as General Motors Co., has since regained leadership in global auto sales, while Chrysler, which became Chrysler Group LLC, last year made its first profit since emerging from bankruptcy with the backing of Italian automaker Fiat SpA.

Super Bowl Ad

Ford Motor Co., which voiced support for its competitors' bailouts because of risks to suppliers, joined GM and Chrysler in gaining U.S. market share in 2011, the first time all three did so since 1988, according to Autodata Corp.

Chrysler aired a two-minute Super Bowl commercial on Feb. 5 featuring actor and Academy Award-winning director Clint Eastwood, who heralded the city of Detroit's recovery and told America that its "second half is about to begin."

The spot by Auburn Hills, Michigan-based Chrysler may have resonance in an election year when the economy, job growth and government bailouts are key criticisms by Republican candidates seeking to run against Obama.

First « 1 2 » Next