2008 was one crazy, almost surreal year. It was the year when the economy took a nosedive, and the U.S. auto industry nearly ceased to exist. One of the last major decisions former President Bush made before he left office was to give Chrysler and General Motors a combined $17.4 billion to keep their doors open.
That money held over the two automakers for a few months, but The Detroit News reports that the Bush administration almost took a different tack. The New Yorker published a 57-page economic memo that was written by economist Larry Summers to President Elect Obama.
Autoblog, Memo says Bush administration almost pushed GM and Chrysler into earlier bankruptcy
