Fact checking Romney's claim for credit in auto rebound
May 8th, 2012
02:21 PM ET
3 years ago

Fact checking Romney's claim for credit in auto rebound

New York (CNNMoney) – Mitt Romney argued against the bailout of the U.S. auto industry in 2008, in an article entitled "Let Detroit Go Bankrupt." Now three years after the Obama administration bailed out General Motors and Chrysler Group, and with U.S. auto industry sales, profits and hiring all rising, Romney believes he deserves credit for that turnaround.

Romney is right that the 2009 bankruptcy reorganizations at GM and Chrysler played a major role in the turnarounds at those automakers. It allowed them to shed billions in debt, along with plants, workers, brands and dealerships they could no longer afford. And he's correct that the automakers and the United Auto Workers union were initially opposed to the bankruptcy process, uncertain that the companies would survive what they expected could be months if not years in bankruptcy court.

But the billions of dollars from the federal bailout helped the bankruptcy process get done in about two months, must faster than anyone thought was possible, said Van Conway, CEO of Conway MacKenzie, a restructuring firm in Detroit.

FULL STORY

Filed under: Mitt Romney
soundoff (49 Responses)
  1. Flipper Rmoney Failure Ahead

    Here's the important quotes to remind our low-information, mentally deficient rightwing extremists that Rmoney is pathetic excuse for a candidate who has nothing but lies to run on:

    "'And even some who opposed the bailout agree with Lutz and Rattner that the government was the only source of funds during the bankruptcy process. Bill Wilson, the head of Americans for Limited Government, told CNNMoney back in February that Romney's proposal for private funding during the reorganization was a "fantasy."

    A Romney campaign spokesman pointed out that the 2008 article suggested that private lenders who provided financing to the automakers would receive government loan guarantees. But the campaign did not reply to the request for the names of firms willing to finance the auto turnarounds, even with those hypothetical guarantees."

    May 8, 2012 03:06 pm at 3:06 pm |
  2. Ol' Yeller

    @Obama 2012 – BEND Forward America, take another 4 long years of FAILURE
    The difference I think would be the outcome they were looking for... Obama's end game was trying to save the industry and the jobs which went with it for the sake of the American economy, not to mention the country's morale; which would have collapsed if the auto indutry would have went under. Romney's goal was simply to make as much money for the rich stockholders of the company that he could. If that meant firing his own grandmother, selling one of his sons for 12 dollars and a stock option, or the company going under and taking all the employees with it, then that is what he would do. Mitt's bottom line is the bottom line. President Obama's bottom line is what is best for the country.

    May 8, 2012 03:07 pm at 3:07 pm |
  3. Flipper Rmoney Failure Ahead

    Rmoney is obviously a morally and intellectually bankrupt snake oil salesman who also happens to be a pathological liar and snake-oil salesman. He can't run on ideas or positions because no one in their right mind can trust his word.

    May 8, 2012 03:08 pm at 3:08 pm |
  4. rs

    Mr. Romney- You lie, or are delusional. You yourself point to your own "unemployment" at the time. You wished the automakers and their related jobs to simply vanish in 2008.

    Every time you open your mouth you prove why you are not suitable Presidential material, and that the GOP is incapable of leadership.

    May 8, 2012 03:09 pm at 3:09 pm |
  5. Anonymous

    Well, there you have it folks. The lie of all lies from the flip flopper Mittens.

    May 8, 2012 03:11 pm at 3:11 pm |
  6. Anonymous

    Romney is a looser...a man with no backbone and no convictions..as President he wil ltake this country backwards to the Bush era..more jobs will be lost and the rich will continue to get richer at the expense of the middle class and the poor.

    RE-ELect Obama 2012!

    May 8, 2012 03:11 pm at 3:11 pm |
  7. Obama 2012 - BEND Forward America, take another 4 long years of FAILURE

    WireweirdinSF
    Why is it that the CNN Fact Checker only checks Republicans? I have been waiting for Obama fact checks, or Biden fact checks or checks on any democrat liberal, but the CNN Political Ticker only seems to Fact Check Republicans.
    =============================================================================================
    Fact checking Obama and the rest of the Democrats could be the solution to the unemployment problem! You are a bloody genius!!

    May 8, 2012 03:11 pm at 3:11 pm |
  8. vote the Tea Party OUT in 2012

    @ WireweirdinSF......

    There's a little website called FoxNews where Democrats and the president are ALWAYS wrong and Republicans NEVER tell lies. I think you may find what you are looking for over there.

    May 8, 2012 03:13 pm at 3:13 pm |
  9. Beverly - NYC

    OMG I can't take 5 more months of this. Please Myth, tell the truth buddy there is less to remember if you do. You wanted to kill the very industry that put food on your childhood table, own it. What's next re-baptizing Bin Laden so you can take credit for killing him? Saying one stupid thing a day, which can be fact checked in seconds, is not a sound campaign strategy.

    May 8, 2012 03:13 pm at 3:13 pm |
  10. N. Shapiro

    Nothing new, Romney is, was, will remain, an inconsistent, flip-flop, S O S.

    May 8, 2012 03:13 pm at 3:13 pm |
  11. The REAL Truth...

    It's so sad to listen to Willard diss Obama for [supposedly] blaming Dubya for our current situation (even if he was the last of a long line of Repug Presidents who have been the root cause), yet he flails on Obama for the very same thing.
    Which is it Willard? Oh ! What? You're still undecided and thinking on it?

    May 8, 2012 03:15 pm at 3:15 pm |
  12. Larry L

    @WireweirdinSF

    "Why is it that the CNN Fact Checker only checks Republicans?"
    -----------------------------------------------------------–
    Republicans get fact-checked more because they lie so much more! Remember the "swift boat"? The "birther" conspiracy? How about the intelligence data that started the Iraq War? Part of the Karl Rove process is based on faith that the right-wing base will believe anything! Without the fact checks the Republicans would never even attempt to make "Statements Factual" (remember that one?).

    May 8, 2012 03:18 pm at 3:18 pm |
  13. Claudia, Houston, Tx

    Pinocchio's nose just keeps growing.

    May 8, 2012 03:19 pm at 3:19 pm |
  14. Blindersoff

    As I just eat my popcorn and smile!

    May 8, 2012 03:21 pm at 3:21 pm |
  15. California Conservative

    This is obviously not true.

    I do love how the only time Obama gets fact checked is when he's right about something and never when Obama's wrong or lied.

    FactCheck = Annenberg foundation. Get the facts about FactCheck. Dig deep.

    May 8, 2012 03:24 pm at 3:24 pm |
  16. The Real Tom Paine

    -WireweirdinSF

    Why is it that the CNN Fact Checker only checks Republicans? I have been waiting for Obama fact checks, or Biden fact checks or checks on any democrat liberal, but the CNN Political Ticker only seems to Fact Check Republicans.
    *********************
    Maybe because the conservative Republicans have played fast and loose with the truth more frequently than the Dems? After the birther nonsense, death panels, etc, don't you think there might be a credibility problem with the GOP?

    May 8, 2012 03:26 pm at 3:26 pm |
  17. abe

    How can he expect to let the auto industry have a structured bankruptcy when he knew well we were in a dire need to fix the problem and the industry was ten feet under ground. I cannot beleive he blames Obama was infusing cash to save the industry from crashing which could have had dire consequences on our economy. It is admirable to give credit were credit is due. So, if Romney thinks he will be getting credit for something he has not done or suggested shows he is a candidate filled with wrong information and not face the truth. I guess we do not have to go far we can ask Gingrich about what he said about the auto bail out and we can settle the score.

    May 8, 2012 03:28 pm at 3:28 pm |
  18. chris

    This man and his Republicn party will LIE CHEAT and STEAL EVERYTHING YOU OWN.That is who they are.

    May 8, 2012 03:32 pm at 3:32 pm |
  19. Slamore

    I'm voting for Romney. All politicians are made of the same stuff as far as the truth. Saw the results of rth surrent guy and his truth- time to see what else there is in the market to try out. Right now, I like Romney like I liked Obama. Obama proved he cannot do it. What else is there to say?

    May 8, 2012 03:43 pm at 3:43 pm |
  20. The Real Tom Paine

    -Obama 2012 – BEND Forward America, take another 4 long years of FAILURE

    WireweirdinSF
    Why is it that the CNN Fact Checker only checks Republicans? I have been waiting for Obama fact checks, or Biden fact checks or checks on any democrat liberal, but the CNN Political Ticker only seems to Fact Check Republicans.
    =============================================================================================
    Fact checking Obama and the rest of the Democrats could be the solution to the unemployment problem! You are a bloody genius!!
    ******************************************
    Not really. They tell the truth, and you are just convinced its a lie. NEXT!

    May 8, 2012 03:43 pm at 3:43 pm |
  21. Wake up people

    My sister and I were discussing this this morning and she made a good point....Where will this end?? Will Mittens say he went back in time and freed the slaves?? How many lies can this guy come up with??

    OBAMA 2012!

    May 8, 2012 03:44 pm at 3:44 pm |
  22. Slamore

    Chris, I think you are talking about taxation. If you are really concerned with what you say, you may want to consider what has been going on the last three years because I think you pretty much described the current president. LOL

    May 8, 2012 03:44 pm at 3:44 pm |
  23. BLKMANinAmerica

    At least American's are aware now (so it's like the repuks can't say anything about anyone EVER). Romney=the repuks worst attempt ever, and AMERICA thought GW Bush was the worse.........................HERE's Romney..........totally CLUELESS and a hugh bold-faced LIER.

    May 8, 2012 03:48 pm at 3:48 pm |
  24. BLKMANinAmerica

    CLEARLY this robot (Romney) has no shame, it's correct the political party is in........................SHAMEFUL repuks!

    May 8, 2012 03:50 pm at 3:50 pm |
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