Romney Opposed Government Involvement In The Auto Industry
Romney Wanted To “Let Detroit Go Bankrupt” And Said The Demise Of The Auto Industry Would Be “Virtually Guaranteed” By A Government Bailout. According to Romney, “If General Motors, Ford and Chrysler get the bailout that their chief executives asked for yesterday, you can kiss the American automotive industry goodbye. It won’t go overnight, but its demise will be virtually guaranteed. Without that bailout, Detroit will need to drastically restructure itself. With it, the automakers will stay the course — the suicidal course of declining market shares, insurmountable labor and retiree burdens, technology atrophy, product inferiority and never-ending job losses. Detroit needs a turnaround, not a check.” [Romney Op-Ed, New York Times, 11/19/08]
Romney Opposed The Bailout Of The Domestic Auto Industry. According to the Detroit News, “On the federal ‘bailout’ in 2008 of the domestic auto industry, Romney writes he opposed the billions provided ‘because it enabled GM and Chrysler to avoid the restructuring and productivity improvements essential for their success.’ The federal government has provided the auto industry with $86 billion, including $50 billion for GM and $12 billion for Chrysler. Romney urged a managed bankruptcy, a step the Obama administration eventually took to help stabilize GM and Chrysler Group LLC. ‘The managed bankruptcy that I proposed ultimately occurred,’ Romney writes, ‘but only after tens of billions of taxpayer money had been wasted, and only after sweetheart deals and paybacks for favored interest groups had been engineered with the public’s money.’” [Detroit News, 2/24/10]
Romney Believed Automakers Should Have Had Private Bankruptcy Without Federal Aid. According to the Associated Press, “Romney told a diner at the Senate Coney Island restaurant Thursday morning that the automakers should have gone through a private bankruptcy without the federal aid. The businessman and former Massachusetts governor says he believes ‘in the process of law’ rather than bailouts.” [Fox News, Associated Press, 6/9/11]
Romney Believed Things In Detroit Would Be Better Without Intervention. According to a Detroit News op-ed, Romney wrote “The president tells us that without his intervention things in Detroit would be worse. I believe that without his intervention things there would be better.” [Detroit News, 2/14/12]
Read more after the jump.