Auto bailout: If Romney had his way
October 23rd, 2012
11:57 AM ET
1 year ago

Auto bailout: If Romney had his way

New York (CNNMoney) - Would the U.S. auto industry be doing as well as it is today if it was Mitt Romney competing his first term as president?

Romney argues that his plan for the industry in his now-famous November 2008 New York Times op-ed piece, "Let Detroit go bankrupt," was what the Obama administration eventually did: a managed bankruptcy at both companies.

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Filed under: 2012 • Auto Bailout • CNNMoney.com • Mitt Romney
soundoff (40 Responses)
  1. Wire Palladin, S. F

    For a very rich man, Mittens is not very bright. His campaign of lies and deceit would have worked well 50 years ago, but not today.

    October 23, 2012 12:04 pm at 12:04 pm |
  2. Four and The Door

    Mitt Romney was exactly correct on the auto companies. Ask Obama this. Why is the US government not selling their huge stake in General Motors even though GM has pleaded with them to do that now? The answer is because the government would have to admit a $15 billion loss. Obama said this wouldn't cost the taxpayers a dime. He was wrong. It was wrong.
    Mitt Romney was looking out for taxpaying Americans. Obama was looking out for the United Auto Workers Union. They won big time the way he did it. But at the expense of the American taxpayer.

    October 23, 2012 12:07 pm at 12:07 pm |
  3. FactCheck

    Funny how the OP-ED piece is dated Nov 2008 (after the last election) but Romney insists that he wrote it when Bush was president.

    October 23, 2012 12:07 pm at 12:07 pm |
  4. Sniffit

    This article explains exactly why Bohio will be in Obama's column on November 6, 2012.

    October 23, 2012 12:07 pm at 12:07 pm |
  5. g

    job shipper will all ways put america FIRST RIGHT

    October 23, 2012 12:08 pm at 12:08 pm |
  6. Wire Palladin, S. F

    Mittens has been wrong on every important issue facing Americans. He sure could use training wheels on his political bus.

    October 23, 2012 12:09 pm at 12:09 pm |
  7. Marie MD

    Of course he told Deteoit to go bankrupt, his own home state.
    Even the bain folks didn't agree with the twit's ideas of saving the auto industry. The twit is a businessman but all he cares about is making money for himself. He doesn't care about the little people, the workers who get up every morning, the middle class and the working poor.
    Ohio, Indiana, North Carolina and Illinois all benefited from the bailout because they have auto manufacturing plants in those states. You just sent 176 Amefican jobs overseas ( Sensata in IL) and you are talking about bringing jobs back to the US? I really and truly wanted to slap that creepy smirk off your face last night!

    October 23, 2012 12:10 pm at 12:10 pm |
  8. Al-NY,NY

    His insistance on doubling down on debunked statements (ie this/"apology tour") is astounding but I guess the sheep that don't actually listen to facts will back him regardless

    October 23, 2012 12:21 pm at 12:21 pm |
  9. plain&simple

    What kind of man thinks he can win an election relying ignorance of truth and misinformation??

    October 23, 2012 12:24 pm at 12:24 pm |
  10. Sniffit

    "The answer is because the government would have to admit a $15 billion loss."

    Funny how that number keeps shrinking, eh? Grow up.

    October 23, 2012 12:24 pm at 12:24 pm |
  11. St. James Place

    Look at Willard and tell me you trust this corporate raider. Willard would have ship GM to china for a buck and a half profit.

    Willard is good for the corporate raiders BUT BAD FOR THE AVERAGE JOE (JOAN) WORKING AMERICAN.

    My votes goes for PRESIDENT OBAMA

    October 23, 2012 12:28 pm at 12:28 pm |
  12. wjmccartan

    If things had gone Romney's way, the manufacturers would have gone bankrupt therby killing all deals that the company had with its unionized workforce, that was his plan destroy the unions and then hire back to workers with much reduced financial compensation and no benefits. It would have been good for the manufacturer but terrible for the economy, without people working and getting paid a decent wage, everything from resturants to movie theaters, clothing and department stores would all feel the hit as the workers incomes would prevent them from spending their limited income on the extras in life. Putting a whole other labour force out of work, that's the republican way, screw over the middle class so big industry could put more profits in their pockets. Oh yeah and then it will trickle down, their legs that's is, because that's all these pricks are willing to give back. Trickle down my eye. Last night showed that a simple conversation can fluster Mitten's he is not the man for the job.

    Lucid One

    October 23, 2012 12:39 pm at 12:39 pm |
  13. Dandi Phil-Kastel

    Nice try Romney! Trying to wriggle and slither out of your past statements like the snake you really are of wanting the motor industry to go bankrupt. Then you try to lie last night and change your personality as usual to say you are for financing its recovery. Nice try! Now you are caught redhanded and look just like a fool!

    October 23, 2012 12:40 pm at 12:40 pm |
  14. Dandi Phil-Kastel

    Obama sink Romney's dream with a knockout punch and a straight front kick!

    October 23, 2012 12:41 pm at 12:41 pm |
  15. 2020

    That is what a pathetic liar do: lie on top of lie.

    If we left GM in Romney hand, it would have became "why put GOOD MONEY on bad ones" – GM has a skeleton left, one and half millions people lost their jobs, ripple effect to 4-6 millions families. That is exactly what happened during Bush Cheney years.

    While GM bankrupted, Romney would have squeezed millions out of it. Hell iwth auto worker, or their retirees.

    October 23, 2012 12:43 pm at 12:43 pm |
  16. Four and The Door

    wjmccartan
    If things had gone Romney's way, the manufacturers would have gone bankrupt therby killing all deals that the company had with its unionized workforce, that was his plan destroy the unions and then hire back to workers with much reduced financial compensation and no benefits.
    ______________________________________________________________________________________________
    But this is EXACTLY the way it happened. Except the taxpayers right now are out about $15 billion. These are all people who work hard for their money too. Me and you. $15 billion.

    October 23, 2012 12:49 pm at 12:49 pm |
  17. steve

    Money obviously makes up for a lot in the talent deparrment!

    October 23, 2012 12:52 pm at 12:52 pm |
  18. Disgusted

    Romney wanted GM to go through bankruptcy. He makes this process sound very dignified and acceptable. Of course, coming from a business man who is driven by the bottom line, that would be his perspective. Was he not concerned at all about the effect this would have had on the thousands of suppliers to the auto industry who would never have gotten paid? The debt owed to those creditors would have been written off, something many of these other companies couldn't have survived. Subesequently they would have, at best cut production and layed off employees or, more likely, be forced to shut their doors. It was painful, but the bailout kept GM and many of their creditors in business and people employed.

    October 23, 2012 12:56 pm at 12:56 pm |
  19. eric

    One does not know the road untraveled so the outcomes of Mr Romney's outline will always be unknown,. The out come of Mr Obama's plan to il the present as well as the precedents setthis date are known, although the long term outcome remains unknown as well. What is the argument here except apparently name calling? We will not know the outcome or every now what would have been better so why waste the bandwidth?

    October 23, 2012 12:57 pm at 12:57 pm |
  20. HUSSEIN OBAMA = LIAR

    If Obama had it his way he'd give everyone a million dollars and when the economy collapses he'd blame Bush.

    October 23, 2012 01:03 pm at 1:03 pm |
  21. Four and The Door

    Disgusted
    Romney wanted GM to go through bankruptcy. He makes this process sound very dignified and acceptable.
    _____________________________________________________________________________________________
    GM did go through bankruptcy. It happened regardless of $30 billion in Obama money. Where were you?

    October 23, 2012 01:05 pm at 1:05 pm |
  22. Frankie

    There is so much video out there where Romney says government should not help car companies.

    October 23, 2012 01:07 pm at 1:07 pm |
  23. B. Henson

    Who is this guy?and wheres the other mitt?

    October 23, 2012 01:08 pm at 1:08 pm |
  24. Fareed

    The last debate was Willard's best moment during the entire campaign. This was the first time he showed some honesty. He came to the realization of the daunting day to day qualifications required of being President. He seen it is not all Pomp, Balls, Galas, and Socials his wife was so much looking forward to. Willard got a face to face view of the responsibilities of Foreign (World) Affairs and the seriousness of it all with no room for failure. The responsibility was too much for him to take on. It showed in his face. Seeing the Presidency for what it is for the first time, Willard came to the conclusion, he didn't want it. It was above his abilities and he knew it. This was Romney's finest moment. Rick Santorum seen this early, stating Romney was the worst republican to run against President Obama.

    October 23, 2012 01:08 pm at 1:08 pm |
  25. joe tax payer

    america makes crappy cars with high overhead, due to unions. should of let market takes it course and not bail them out. dumbest thing ever, also the banks, should have let them fail also.

    i know plenty of businesses that fail, where is the govt. then? they get to pick and choose which company to save. its not america, we are becoming north korea

    October 23, 2012 01:09 pm at 1:09 pm |
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