Posts tagged ‘Auto Bailout’

05/31/2012

Auto Loans: Romney Tries to Hitch Ride

It was funny earlier this month when Gov. Romney tried to take credit for the auto industry bailout that saved Chrysler and GM from a certain Chapter 7 bankruptcy, by providing federal loans in a depressed economy where no money whatsoever was available from private sector banks. I mean it was not just odd that Romney would say what he did, in that sense of the word funny, but truly funny to the point where we couldn’t stop laughing, as we listened to Romney say he supported the auto industry bailout, all along.

Romney must really think we are stupid. As painful as it was, I had watched all 20 Republican debates, just to listen to what the right-wingers were saying. All of their candidates, including Romney, repeatedly stated an opposition to the loans that saved Chrysler and GM. They had no concern for the countless number of jobs that would have been lost, not only at those companies, but at the component part factories that also would have closed.

In the debates, Romney said he would have let Chrysler and GM go bankrupt. (6-13-11) Funds should not have been used to bail out GM and Chrysler, he argued. (10-11-11). The auto bailout was wrong, he insisted, as he opposed the transfer of GM to the UAW, and Chrysler to Fiat. (11-9-11) As the debates dragged on, Romney often repeated his talking points that the government should not have loaned money to GM or Chrysler, and again insisted they should have been allowed to go bankrupt. (12-8-11)

It was only when Romney approached the Michigan primary that he started campaigning differently. Then he said: “No way would we allow the auto industry in America to totally implode and disappear.” (2-22-12). It’s interesting how he changed his tune so quickly. Santorum correctly pointed out Romney was not a principled person, because he favored the Wall Street bailout, but opposed any aid for the Detroit auto workers. (2-22-12)

The truth is Obama inherited an auto industry that was on the verge of bankruptcy, but he refused to let it die. Now, GM is once again the world’s number one automaker, Chrysler has grown, and Ford is investing billions in U.S. plants. The industry has now added 160,000 jobs, and Obama said we will soon be selling U.S. cars in Korea. (1-25-12)

Hopefully, Michigan, Ohio and Indiana will not forget the truth of where Romney stood in their hour of need. Obama deserves credit for saving not only two of our most important auto factories, but also their component part suppliers. And Romney, the next time you totally contradict yourself, which we have come to learn is on a fairly regular basis, please at least try to come up with a lie that is much more plausible. After all, the debates were videotaped.

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