Mitt Romney: 'I'll Take A Lot Of Credit' For Auto Industry Recovery
The Huffington Post | By Mollie Reilly
Posted: 05/08/2012 12:19
Despite his 2008 call to "let Detroit go bankrupt," presumptive Republican presidential nominee Mitt Romney said Monday that he would "take a lot of credit" for his impact on the U.S. automobile industry's comeback.
During an interview with WEWS-TV in Cleveland following a campaign stop, Romney said his views helped save the industry.
"I pushed the idea of a managed bankruptcy," Romney said. "And finally, when that was done, and help was given, the companies got back on their feet. So I'll take a lot of credit for the fact that this industry's come back."
Both General Motors and Chrysler ended up taking the massive federal loans supported by both President Barack Obama and former President George W. Bush. The bailout included managed bankruptcy filings for both companies. According to the federal judge who presided over Chrysler's bankruptcy in 2009, the company would not have survived without the bailout. Ford survived without taking a government loan.
Romney's stance on the bailouts and his infamous 2008 New York Times op-ed "Let Detroit Go Bankrupt," have come up throughout the campaign, especially ahead of February's primary in Michigan. In that editorial, Romney argued that a government bailout for ailing auto giants Chrysler and General Motors would do more harm than good.
(More here.)
Posted: 05/08/2012 12:19
Despite his 2008 call to "let Detroit go bankrupt," presumptive Republican presidential nominee Mitt Romney said Monday that he would "take a lot of credit" for his impact on the U.S. automobile industry's comeback.
During an interview with WEWS-TV in Cleveland following a campaign stop, Romney said his views helped save the industry.
"I pushed the idea of a managed bankruptcy," Romney said. "And finally, when that was done, and help was given, the companies got back on their feet. So I'll take a lot of credit for the fact that this industry's come back."
Both General Motors and Chrysler ended up taking the massive federal loans supported by both President Barack Obama and former President George W. Bush. The bailout included managed bankruptcy filings for both companies. According to the federal judge who presided over Chrysler's bankruptcy in 2009, the company would not have survived without the bailout. Ford survived without taking a government loan.
Romney's stance on the bailouts and his infamous 2008 New York Times op-ed "Let Detroit Go Bankrupt," have come up throughout the campaign, especially ahead of February's primary in Michigan. In that editorial, Romney argued that a government bailout for ailing auto giants Chrysler and General Motors would do more harm than good.
(More here.)
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