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I bet Fox hates it when the guest does not follow the Republican narrative. As much as Romney tries to spin it. He was against the Auto Bailout which saved thousands of jobs.
Oh if you don't like the source of the cite. The fox video is in the cite.
This is undeniable but yet the clueless loons on the right keep pushing this lie....they think -- just keep saying it and it will eventually become fact. GOP is now the idiot party.
romney did NOT want to liquidate the auto industry, that is a complete myth. what he said is that they needed to go through a managed bankruptcy to shed themselves of the debt burden they were carrying. he also said that it needed to be done with PRIVATE money with government loan guarantees. from this link;
In the op-ed, Romney said he thought the government should play a role in handling a managed bankruptcy. “The American auto industry is vital to our national interest as an employer and as a hub for manufacturing,” Romney wrote in the op-ed. “A managed bankruptcy may be the only path to the fundamental restructuring the industry needs. It would permit the companies to shed excess labor, pension and real estate costs. The federal government should provide guarantees for post-bankruptcy financing and assure car buyers that their warranties are not at risk.”
“In a managed bankruptcy, the federal government would propel newly competitive and viable automakers, rather than seal their fate with a bailout check,” Romney added.
[LEFT]
Read more: Text of 2008 Romney oped debunks Obama auto-bailout attack | The Daily Caller
[/LEFT]
Quote:
Under the Obama administration, Detroit still went bankrupt. General Motors and Chrysler sank into bankruptcy, but instead of having open bankruptcy proceedings in a court, the Obama White House ran the proceedings. Many people won as a result of the bailout, but many others lost, too. Perhaps the biggest loss was that of the 20,000 non-union Delphi salaried retirees, who lost their pensions and benefits programs as they were headed into retirement as a result of a Treasury Department and White House decision.[LEFT]
Read more: Text of 2008 Romney oped debunks Obama auto-bailout attack | The Daily Caller
[/LEFT]
what the obama administration did was STEAL TWO automakers from the rightful owners, and give away a large portion of each company to the unions. it was essentially payola for supporting obamas election run.
in the end, even if gm and chrysler went into chapter 7 liquidation bankruptcy, there were plenty of private concerns, both in this country and abroad, that would have bought up the assets of both companies and they would still be making automobiles. fiat for instance had been trying to buy chrysler for a few years before they went into chapter 11, penske was trying to buy saturn, and the only reason the deal fell through is because he couldnt get an assembly contract. koenigsegg was trying to buy saab, and they ultimately did. gm almost sold hummer to a chinese automaker, but the chinese government killed the deal, and hummer ended up being shut down.
so dont buy the lies from the left who keep trying to say that romney wanted the auto industry dead in this country because it just is not true. he knew that if we bailed out gm and chrysler that what we ultimately got would happen. gm still owes the taxpayers $40 billion, and fiat got a gift of $2 billion from the US taxpayers. and the only way us taxpayers are going to get any money back from gm is for the stock price to go above $53 per share, and that isnt likely to happen anytime soon.
romney did NOT want to liquidate the auto industry, that is a complete myth. what he said is that they needed to go through a managed bankruptcy to shed themselves of the debt burden they were carrying. he also said that it needed to be done with PRIVATE money with government loan guarantees. from this link;
Mr. Romney wanted to wait until post-bankruptcy to provide financing, by which time the companies would have had to liquidate.
And, he did say that the money should have come from private financing as per this article from CNN:
"But in the 2008 piece, Romney said the money needed to keep General Motors (GM, Fortune 500) and Chrysler Group alive during bankruptcy should have come from the private sector, with the government providing only "guarantees for post-bankruptcy financing.
...
The problem was that there was no one available to write checks for the automakers other than the government in late 2008 and early 2009."
Should we have taken the chance of them going under?
The auto industry SHOULD have been in serious trouble. They got bailouts in the past that didn't work, yet we insisted upon doing it again.
The antiquated business model, and gross mismanagement was screaming for consolidation so that competition and innovation could be allowed to improve the situation. Instead we propped it up and everyone is all warm and fuzzy now that we put them back on a path to probably be in trouble again in another 10-20 years while we suffer through a now government supported monopoly where competition is limited and the only innovation we will see is through government regulation to have x # of MPG or whatever silly stat they wish to push.
The auto industry SHOULD have been in serious trouble. They got bailouts in the past that didn't work, yet we insisted upon doing it again.
The antiquated business model, and gross mismanagement was screaming for consolidation so that competition and innovation could be allowed to improve the situation. Instead we propped it up and everyone is all warm and fuzzy now that we put them back on a path to probably be in trouble again in another 10-20 years while we suffer through a now government supported monopoly where competition is limited and the only innovation we will see is through government regulation to have x # of MPG or whatever silly stat they wish to push.
How do you feel about the fact that our government propped up the failing banks/insurance companies ?
How do you feel about the fact that our government propped up the failing banks/insurance companies ?
Yea. People don't much talk about the financial institutions. I'd like to see someone go to jail ... for the 2/3 loss in the value of my condominium. President "W" and the Congress which served during his term(s) ... let's hang them all! And toss-in a few bankers for good measure!
This is undeniable but yet the clueless loons on the right keep pushing this lie....they think -- just keep saying it and it will eventually become fact. GOP is now the idiot party.
The auto companies wouldn't have disappeared. Someone would have purchased the assets and moved on. All the government did was delay the inevitable.
It's kind of like feeding the bears - eventually you have to shoot them.
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