Romney avoids mention of bailout at Detroit event
February 16th, 2012
03:06 PM ET
2 years ago

Romney avoids mention of bailout at Detroit event

Farmington Hills, Michigan (CNN) - Hours after Detroit automaker General Motors reported the largest annual profit in its history, GOP presidential candidate Mitt Romney said he was "delighted" the industry was profitable.

"I love American cars, and long may they rule the world, let me tell you. I want them to do well," Romney said at a chamber of commerce meeting in Farmington Hills, Michigan, later adding of the industry: "I'm delighted it's profitable."

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But as his opponents have repeatedly pointed out, Romney opposed a federal bailout largely credited with pulling the struggling industry out of collapse.

In his speech to a friendly audience of more than 400 people, Romney did not mention his opposition to the bailout. Instead, he repeated an assertion that he had recommended the path taken months later by the Obama administration.

"I love the auto industry. I want to see it thrive and grow," Romney told the audience. "I'm glad it went through a managed bankruptcy process, which I recommended from the very beginning to shed unnecessary costs and get its footing again."

Romney has said he would have solicited private financing to inject capital into Detroit auto manufacturers.

In an unspoken reminder of the uneasy politics of his stance - a highly-charged position in Michigan ahead of the state's February 28 primary - on Thursday Romney accepted the endorsement of state Gov. Rick Snyder, who has said the bailout was effective in helping turn around GM and Chrysler.

Neither man made mention of their difference in opinion.

"We have the right man here to help lead our country, but there's a special bonus. He was born and raised a Michigander," Snyder said of Romney. "He understands our state. He's one of us."

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Filed under: 2012 • Michigan • Mitt Romney
soundoff (64 Responses)
  1. kayla

    romney is nothing but a fork tongue

    February 16, 2012 03:40 pm at 3:40 pm |
  2. Mikey

    @rcw – Please explain you calculation of the required stock price to break even. Also, the $6 billion the the unions. Are you saying that they now get paychecks – and if Mitt and the rest of the GOP had their way they wouldn't. Do you also want to figure in all the salaries and profits at the companies that make up the entire US auto supply chain that would have collapsed? How about all the dealerships that would have closed their doors? How about all the other businesses in Detriot and near U.S. factories that would have been negatively impacted?

    President Obama saved the U.S. auto industry and you Obama haters just can't stand it. He's also gotten 22 of the top 30 on our wanted terrorist list. I also hear people downtalking the economic recovery. Tell me, why are Conservatives rooting against America?

    February 16, 2012 03:40 pm at 3:40 pm |
  3. Jim in San Mateo

    If Mitt get to the Presidency, America will become a country run by the rich for the benefit of the rich, with the shrinking middle class picking up the bill. No doubt there will be a lot of heavy handed advice from Salt Lake City as well.

    February 16, 2012 03:41 pm at 3:41 pm |
  4. anagram_kid

    "He's one of us."

    Gov. Romney claims to be 'one of' whatever group is in front of him. This strategy will not work in the TV/Internet age.

    Obama 2012

    February 16, 2012 03:42 pm at 3:42 pm |
  5. westward

    Michigan, and all states, this is exactly what would bode for a Romney presidency. All his failures, which outweigh his strengths by a long shot, would be swept up under a big rug and omitted from the conversation. Especially dangerous when you consider the fact that his economic policies only mirror George Bush, Jr.'s.

    February 16, 2012 03:44 pm at 3:44 pm |
  6. sick of republican phonies

    It is unbelievably funny to watch this phony twist in the wind, trying to extricate himself from garbage he's said and trying to rewrite history. Sorry, Mitt, even the clueless republicans see through you- you're a flip-flopping hypocrite who will say anything to get elected.

    February 16, 2012 03:51 pm at 3:51 pm |
  7. Really?

    What a joke. Makes sense for this snake to conveniently skip the subject. He understands just how much of a blunder he made.

    February 16, 2012 03:51 pm at 3:51 pm |
  8. NATHAN WIMBERLY

    Sweet post Dave.

    February 16, 2012 03:54 pm at 3:54 pm |
  9. The Greedy Old Pigs declared class war on US!

    Right on, westward. Flipper the Elitist Robot is GWB 2.0. Both are spoiled rich kids riding daddy's coattails and pallin' around with neocons and psychopathic corporate predators. Rmoney is GWB minus the compassion and public speaking ability.

    February 16, 2012 03:56 pm at 3:56 pm |
  10. Tom in the Great NW

    So, Mr. Romney's message is this:
    THE PRESIDENT IS CREATING TOOOOOOO MANY JOBS !
    THE STOCK MARKET IS DOING TOOOOOOOOOOO WELL !

    February 16, 2012 03:58 pm at 3:58 pm |
  11. A True Centrist

    Don't run from the issue Mitt. GM paid back the government loans with...you guessed it, an additional loan the government provided them. They paid back the government loan with a government loan. Only in America! Ford did not take the bailout and they have rebounded just fine.

    You were right on the issue then, and you are right on the issue now. A structured bankruptcy, with the ability to restructure contracts and reanalyze the company structure would have benefited GM much more in the long run.

    February 16, 2012 03:59 pm at 3:59 pm |
  12. Maxx

    There goes Romney. moving his lips again.

    February 16, 2012 04:01 pm at 4:01 pm |
  13. Biggge

    @rcw You are mis-informed. bankruptcy would have crashed the entire industry... What about the auto vendors that would not have been paid, jobs lost.. Stop spreading lies and post correct information. This is why the GOP is in trouble now....

    February 16, 2012 04:02 pm at 4:02 pm |
  14. Rudy NYC

    from the article:

    Instead, he repeated an assertion that he had recommended the path taken months later by the Obama administration.
    -------
    In other words, Romney lied. GM and Chrysler needed tens of billions in loans to fund their structured bankruptcies. The banks wouldn't loan it to them. Investors, LIKE ROMNEY, saw the potential to buy a major corporation for a steal if it went under. So, the banks wouldn't loan them anything. There was more long term potential profit in waiting for the fire sale when the companies were liquidated than it was in advancing them multi-billion dollar loans.

    Remember, Romney made the vulture capitalist call back in December 2008. "Let them fail."

    February 16, 2012 04:08 pm at 4:08 pm |
  15. Mr. Moderate

    This man has no shame. The managed bankruptcy was the strategy that the government was pursuing from the start. He was against THAT. He wanted a free market bankruptcy.

    Yes that would have been preferable as we saw when International Steel was formed from the remains of LTV, Bethlehem and others, but the credit markets were frozen. No one was going to step forward and it would have taken years. We did not have that luxury like we did with the steel industry which happened during a time of economic growth. And again, the unions lost one third of their members during this process (hardly a bailout) and were among the largest creditors. If there was a liquidation, all those outstanding pension and health obligations would have fallen in the laps of you and me.

    February 16, 2012 04:12 pm at 4:12 pm |
  16. Dave

    Thank you CNN for letting freedom of speech take its course. I have critized you in the past, but it looks like now you are willing to let anyone on the face of the Earth have their say. It is true democracy at its best, Thank God for freedom of speech in America!

    February 16, 2012 04:13 pm at 4:13 pm |
  17. Dave

    Thank you very much Nathan. God Bless

    February 16, 2012 04:15 pm at 4:15 pm |
  18. diridi

    Flip-Flopper....he clearly was an opponent of Bail out, now he changes his tunes...Hypocrite. Go to youtube, type when mitt romney came to town...enjoy...

    February 16, 2012 04:17 pm at 4:17 pm |
  19. ChriSevan

    I don't understand how a government bail-out was the right thing to do... didn't the company end up going into a bankruptcy process anyways? Aren't the tax payers paying for it? And why instead of bailing out Big corp didn't the government bail-out all the small business' that were suffering because of the economy? True, the government saved a lot of jobs in Detroit, but how did that impact the overall national economy? Plus, they had to take paycuts and were forced into union status? That to me sounds like total government takeover... At least we get free food though right...

    February 16, 2012 04:22 pm at 4:22 pm |
  20. Randy, San Francisco

    Romney shows a lack of character by trying to change history, exposing himself as a shameless flip flopper. When will he realize he can't run away from what his previously stated positions?

    February 16, 2012 04:35 pm at 4:35 pm |
  21. Anonymous

    "Plus, they had to take paycuts and were forced into union status?"

    No one was "forced into union status" (whatever that's supposed to mean). And pay cuts are usually the outcome in bankruptcy, with or without government involvement. Your entire sentence is a fail.

    February 16, 2012 04:37 pm at 4:37 pm |
  22. Patrick

    My shadow has more depth than ths man! My dog has more character and sincerity. What a terribly weak candidate for President of the United States

    February 16, 2012 04:38 pm at 4:38 pm |
  23. Dave

    I guess this is were I get back in trouble with CNN. I just dont get the thing were you guys are all hugs & kisses with Huntsman. My gut feeling is that its in his contract for you guys not to Go THERE with certain Issues. Here is just 1. Ask him how he feel about fellow Mormon & the guy he endorsed what he thinks about Maine not being able to have their final say & the fack is that if they do, Mitt will Lose. I know fellow mormons dont throw each other under the bus, But whats at stake here, A State of this great Union having false Elections!!! Hunts man is another mormon that wont even touch the FACT that they are some seriously Racist people when it comes to promoting Minorities in Their so called church. GUYS, I am not makin this stuff up. If I am PLEASE CNN PROVE ME WRONG!!!!!!!!!!!!!!!!!!!

    February 16, 2012 04:39 pm at 4:39 pm |
  24. Lolo

    I think I will stay with the Odummie, Obammie, messiah, monkey, socialist, devil, community organizer, nazi and or Kenyan as the republicans like to call him. Right now he is the best and only choice that we have to move America forward, because these republican/tea party clowns are just down right liars and hypocrites and will muck everything up as usual.

    February 16, 2012 04:46 pm at 4:46 pm |
  25. vatoloke

    I saw some of this and Mittens was pretty pathetic trying to play up on his Michigan roots. It didn't work at all.

    February 16, 2012 04:47 pm at 4:47 pm |
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