(Image Source: Wikimedia Commons)

BY CHRISTINA HARTMAN


He once called for letting Detroit go bankrupt.

Now — Mitt Romney says he’d “take a lot of credit” for the auto industry’s comeback. He sat down with Northeast Ohio’s WEWS.

ROMNEY: "I pushed the idea of a managed bankruptcy. And finally, when that was done, and help was given, the companies got back on their feet. So I'll take a lot of credit for the fact that this industry's come back."

The GOP’s presumptive nominee has been an outspoken opponent of the federal bailouts of General Motors and Chrysler.

In this November 2008 New York Times op-ed — the former Massachusetts governor said a bailout would “virtually guarantee” the company’s demise. He called for a managed bailout.

To be fair — the “Let Detroit Go Bankrupt” headline wasn’t his —

— according to The Times’ Ashley Parker — Times editors wrote the headline.

But GM and Chrysler, of course, eventually got a bailout — and Romney accused the Obama and Bush administrations of kowtowing to auto worker unions. So now that Romney’s claiming credit for the American auto industry’s turnaround — critics are going on the attack.

“Never mind this column he wrote when the U.S. auto industry was on its knees. Now he’s taking credit for President Obama’s policy. Is this a case of grand theft auto?

MSNBC

“A spokesperson for President Obama says that Romney's trying to fool people because he really opposed the bailout.”

HLN


Then again, it’s not all roses and rainbows for supporters of the bailouts. The Hill notes — the federal government still owns a percentage of GM’s shares.

“Critics ... note the federal government is unlikely to recover its outstanding $1.9 billion investment in Chrysler and its investments in GM beyond the $6.7 billion loan it gave the company, which includes purchasing $50 billion in shares of the company.”

The car companies were put through bankruptcy — but the question of who would foot the bill to keep the companies alive during restructuring was a sticking point. Romney thought it should be the private sector.

Despite the controversy over the credit-claiming — The Los Angeles Times reports Romney hasn’t said anything more. That despite a campaign stop in Michigan Tuesday.
 

Romney: 'I'll Take a Lot of Credit' for Auto Recovery

by Charlie McKeague
0
Transcript
May 9, 2012

Romney: 'I'll Take a Lot of Credit' for Auto Recovery

(Image Source: Wikimedia Commons)

BY CHRISTINA HARTMAN


He once called for letting Detroit go bankrupt.

Now — Mitt Romney says he’d “take a lot of credit” for the auto industry’s comeback. He sat down with Northeast Ohio’s WEWS.

ROMNEY: "I pushed the idea of a managed bankruptcy. And finally, when that was done, and help was given, the companies got back on their feet. So I'll take a lot of credit for the fact that this industry's come back."

The GOP’s presumptive nominee has been an outspoken opponent of the federal bailouts of General Motors and Chrysler.

In this November 2008 New York Times op-ed — the former Massachusetts governor said a bailout would “virtually guarantee” the company’s demise. He called for a managed bailout.

To be fair — the “Let Detroit Go Bankrupt” headline wasn’t his —

— according to The Times’ Ashley Parker — Times editors wrote the headline.

But GM and Chrysler, of course, eventually got a bailout — and Romney accused the Obama and Bush administrations of kowtowing to auto worker unions. So now that Romney’s claiming credit for the American auto industry’s turnaround — critics are going on the attack.

“Never mind this column he wrote when the U.S. auto industry was on its knees. Now he’s taking credit for President Obama’s policy. Is this a case of grand theft auto?

MSNBC

“A spokesperson for President Obama says that Romney's trying to fool people because he really opposed the bailout.”

HLN


Then again, it’s not all roses and rainbows for supporters of the bailouts. The Hill notes — the federal government still owns a percentage of GM’s shares.

“Critics ... note the federal government is unlikely to recover its outstanding $1.9 billion investment in Chrysler and its investments in GM beyond the $6.7 billion loan it gave the company, which includes purchasing $50 billion in shares of the company.”

The car companies were put through bankruptcy — but the question of who would foot the bill to keep the companies alive during restructuring was a sticking point. Romney thought it should be the private sector.

Despite the controversy over the credit-claiming — The Los Angeles Times reports Romney hasn’t said anything more. That despite a campaign stop in Michigan Tuesday.
 

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