Mitt Romney was against the auto bailout before he was for it

[her209]

http://www.nytimes.com/2008/11/19/opinion/19romney.html?_r=0

During one of the debates, Romney claimed that the auto industry took his advice and went through a managed bankruptcy. Of course, he left out the part where he predicted the demise of the auto industry if they got the bail out.

IF General Motors, Ford and Chrysler get the bailout that their chief executives asked for yesterday, you can kiss the American automotive industry goodbye. It won’t go overnight, but its demise will be virtually guaranteed.

Without that bailout, Detroit will need to drastically restructure itself. With it, the automakers will stay the course — the suicidal course of declining market shares, insurmountable labor and retiree burdens, technology atrophy, product inferiority and never-ending job losses. Detroit needs a turnaround, not a check.

The American auto industry is vital to our national interest as an employer and as a hub for manufacturing. 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.

Now he's trying to take credit for their comeback.

 

[monovillage]

 

[her209]

http://24.media.tumblr.com/tumblr_lvr7f19jER1qa5z7co1_500.jpg

As usual, AT P&N can always count on your thoughtful and insightful posts!

 

[nehalem256]

Remember when Obama was against gay marriage before he was for it?

 

[nageov3t]

I thought Mitt supported a managed bankruptcy, which is what ended up happening?

or is that wrong?

 

[Thump553]

Much more significant is he always leaves out his adament opposition to the US government giving the auto industry a bridge loan at the time-an absolutely essential lifeline that the private sector was unable to do because of the fiscal crisis.

Without that financing-which has been paid back-the US auto industry would have been liquidated for scrap.

 

[Fern]

I thought Mitt supported a managed bankruptcy, which is what ended up happening?

or is that wrong?

AFAIK, you are correct.

Fern

 

[Fern]

Much more significant is he always leaves out his adament opposition to the US government giving the auto industry a bridge loan at the time-an absolutely essential lifeline that the private sector was unable to do because of the fiscal crisis.

Without that financing-which has been paid back-the US auto industry would have been liquidated for scrap.

You are leaving out the part where Romney proposed the US govt guarantee the (private) loans to the US auto industry. They should have assured financing since there would have been no risk.

Fern

 

[Agent11]

The banks didn't have that sort of money available. They were in the process of going tits up themselves.

 

[T_Yamamoto]

Remember when Mitt Romney was poor?

Oh wait.

 

[Fern]

The banks didn't have that sort of money available. They were in the process of going tits up themselves.

I'm not buying that.

Their balance sheets looked bad because of mark-to-market rules for CDOs. And the Fed can loan them (banks) money all day long etc.

Also, nothing says it has to be a 'regular' bank that provides financing.

Fern

 

[K1052]

I'm not buying that.

Their balance sheets looked bad because of mark-to-market rules for CDOs. And the Fed can loan them (banks) money all day long etc.

Also, nothing says it has to be a 'regular' bank that provides financing.

Fern

Nobody but the government was in the position to make tens of billions worth of financing available on a basically immediate basis. The I-banks and their commercial counterparts were still reeling from the financial crisis, there was no way to cobble together a consortium to provide the cash in time even if the government promised to back it in full.

 

[openwheel]

Unfortunately some will believe Romney's spin to the situation.
This is the one thing that I can't stand about the Romney campaign. Why can't he just man up and just praise the opponent for doing the right thing. Oh wait, nothing Obama does was and ever will be good enough..

 

[Schmide]

He was wrong and won't admit it like any republican.

 

[ivwshane]

You are leaving out the part where Romney proposed the US govt guarantee the (private) loans to the US auto industry. They should have assured financing since there would have been no risk.

Fern

Show me an article at the time saying banks were ready to make these loans.

 

[NoStateofMind]

BFD.

Obama was for transparency before he was against it.

You party buffoons don't know you are being played like a fiddle and thats fucking sad.