What Mitt Romney gets wrong about the Detroit automakers’ bailouts

[Peacetrain]

Mitt Romney doubling down on stuck on stupid I guess.. I do not know how else you could explain this

http://autos.yahoo.com/blogs/motoramic/m...06392.html

"Republican presidential hopeful Mitt Romney renewed his opposition to the Obama administration's bailout of General Motors and Chrysler today in several Michigan newspapers, contending President Obama's rescue made the companies worse. I wish I could leave politics to the professionals, but Romney's take just doesn't square with the facts as I lived them........

The crux of Romney's argument: If Obama had not acted, private companies would have stepped in and run a "managed bankruptcy." What this ignores is that in the fall of 2008, before Obama was even sworn in, no one on Wall Street or anywhere else was willing to lend GM and Chrysler a penny — let alone the $81 billion they and their financial arms eventually needed."

[KonaKane]

Lack-o-facts never stopped Mittens before. His whole "save 'em by lettin' em fail" thing is about to spank him in the big election. He will find out how cozy Americans are with a potential president who wants them to fail so big capital companies can pick the bones clean.

[NJMaverick]

got to give him credit for stubbornness. Then again, last time a President refused to admit a mistake we got the disaster known as George W Bush

[Peacetrain]

(02-14-2012 01:11 PM)KonaKane Wrote:  Lack-o-facts never stopped Mittens before. His whole "save 'em by lettin' em fail" thing is about to spank him in the big election. He will find out how cozy Americans are with a potential president who wants them to fail so big capital companies can pick the bones clean.

I mean he might as well serve Michigan up on a silver platter to Santorum in the primary with that kind of talk..

[Peacetrain]

(02-14-2012 01:15 PM)NJMaverick Wrote:  got to give him credit for stubbornness. Then again, last time a President refused to admit a mistake we got the disaster known as George W Bush

Bingo! exactly.. would make a great political commercial, wouldn't it if Romney gets the nod..

[Born_A_Truman]

He has the same policy for homeowners:

Romney told Las Vegas Review Journal's editorial board that solving the foreclosure crisis would require letting banks proceed against homeowners who have defaulted on their mortgages. New investors could then rent out the homes until markets adjusted.

"As to what to do for the housing industry specifically and are there things that you can do to encourage housing: One is, don't try to stop the foreclosure process. Let it run its course and hit the bottom," Romney said.

[Blue_Roses]

This pretty much says it all:

Quote:Thus, the outcome of the managed bankruptcy proceedings was dictated by the terms of the bailout. Chrysler's "secured creditors," who in the normal course of affairs should have been first in line for compensation, were given short shrift, while at the same time, the UAWs' union-boss-controlled trust fund received a 55 percent stake in the firm.

The pensions of union workers and retirees at Delphi, GM's parts supplier, were left untouched, while some 21,000 non-union salaried employees saw their pensions slashed and lost their life and health insurance. And so on and so forth across the industry.

While a lot of workers and investors got the short end of the stick, Obama's union allies — and his major campaign contributors — reaped reward upon reward, all on the taxpayer's dime.

Romney could care less about the little guy. Who in their "right mind" would want to vote for this guy if he's rooting against your state succeeding. I hope Michigan voters see through his bullshit. I mean, how can he say this with a straight face to these workers? It would be hilarious if it wasn't so pathetic.

[kahuna]

The comments for that article are a hoot. They give me hope that people really do get it about Obama vs the GOP.