The Politico
By Manu Raju
Dec 15, 2008
South Carolina Gov. Mark Sanford is warning President Bush to back away from using the $700 billion Wall Street bailout for ailing Big Three automakers, saying doing so would fundamentally alter the nation's economy.In a letter sent to the White House on Monday, the Republican governor says Bush would be committing a "very great mistake" that would "open the floodgates to federal monies for every distressed industry across this country -- and there will be many in this economic slowdown."Sanford, a potential 2012 contender for the GOP nomination, is siding with the anti-bailout wing of his party that is furious with Bush for trying to prop up the Detroit automakers and help distressed banks. He also is siding with his fellow Southern politicians who have sparred with Northern Republicans who hail from manufacturing states that are heavily unionized and have a significant Big Three presence.
This is really something - the Governor of one of the most heavily subsidized States in our Country warning the President not to loan money to the U.S. auto companies.
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