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President Bush — in typical political circumlocution — expressed the executive branch's stand on the gov'ment assuming GM's and Ford's massive pension liability. The upshot? Pthhhhhhhh. President Bush told The Wall Street Journal that General Motors and Ford need "a product that's relevant' rather than look to Washington for help with their heavy pension obligations." The President also said he hasn't discussed a bailout, or any other financial matters, with the companies. Either way, compared to the $1.5 billion bailout of Chrysler under President Carter's watch in 1979, a similar guarantee for GM and Ford would be like the GDP of a small country, in the neighborhood of $40 billion-$60 billion, by some estimates. What say we just collect two bucks from every person on earth and call it day? [Thanks to Zerin for the tip.]

Bush Plays Down Bailout Prospects For GM and Ford [The Wall Street Journal]