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"Let Detroit Go Bankrupt"[/h]
http://www.nytimes.com/2008/11/19/opinion/19romney.html?_r=1
Romney adviser Eric Fehrnstrom claimed that President Obama's auto bailout was the GOP presidential hopeful's idea.
http://www.huffingtonpost.com/2012/04/28/eric-fehrnstrom-auto-bailout-mitt-romney_n_1461805.html
In December 2008, the U.S. economy was in a free fall.
There was no private bank or entity willing or able to loan the automakers the amount they needed to see them through the crisis.
If the automakers had liquidated, the United States would have lost more than 1 million jobs. That’s according to the nonpartisan Center for Automotive Research, which studies such things.
It would have cost the federal government more than $150 billion in tax revenue and it would have “set the GDP [gross domestic product] back hundreds of billions of dollars” — that’s according to Bush.
In Michigan alone, from December 2008 through June 2009, a whopping 1,018 Michigan companies announced mass layoffs in response to the economic collapse.
Banks were not lending to companies, large or small — and they certainly weren’t willing or able to finance a massive industrywide bailout.
Here’s what’s most ironic: Bain Capital was reportedly one of the private-sector players approached to provide financing for the bankruptcy.
They said “Hell no” like everyone else.
At Bain, Romney did this kind of company “restructuring” for a living. He knows this stuff. And, of course, he knows better. He just hopes you’re too ignorant or lazy to follow the thread of his mendacity.
Romney said in another op-ed in February, “I believe that without intervention things there would be better.”
Now he wants it both ways: Appease the right by first saying that he would have “let Detroit go bankrupt” and now saying that it was all his idea to rescue the auto industry in the first place and Obama just followed his advice.
He’s a wily guy, that Romney — taking credit for one of Obama’s biggest successes.
"Let Detroit Go Bankrupt"[/h]
http://www.nytimes.com/2008/11/19/opinion/19romney.html?_r=1
Romney adviser Eric Fehrnstrom claimed that President Obama's auto bailout was the GOP presidential hopeful's idea.
http://www.huffingtonpost.com/2012/04/28/eric-fehrnstrom-auto-bailout-mitt-romney_n_1461805.html
In December 2008, the U.S. economy was in a free fall.
There was no private bank or entity willing or able to loan the automakers the amount they needed to see them through the crisis.
If the automakers had liquidated, the United States would have lost more than 1 million jobs. That’s according to the nonpartisan Center for Automotive Research, which studies such things.
It would have cost the federal government more than $150 billion in tax revenue and it would have “set the GDP [gross domestic product] back hundreds of billions of dollars” — that’s according to Bush.
In Michigan alone, from December 2008 through June 2009, a whopping 1,018 Michigan companies announced mass layoffs in response to the economic collapse.
Banks were not lending to companies, large or small — and they certainly weren’t willing or able to finance a massive industrywide bailout.
Here’s what’s most ironic: Bain Capital was reportedly one of the private-sector players approached to provide financing for the bankruptcy.
They said “Hell no” like everyone else.
At Bain, Romney did this kind of company “restructuring” for a living. He knows this stuff. And, of course, he knows better. He just hopes you’re too ignorant or lazy to follow the thread of his mendacity.
Romney said in another op-ed in February, “I believe that without intervention things there would be better.”
Now he wants it both ways: Appease the right by first saying that he would have “let Detroit go bankrupt” and now saying that it was all his idea to rescue the auto industry in the first place and Obama just followed his advice.
He’s a wily guy, that Romney — taking credit for one of Obama’s biggest successes.