Obama Wrong! Romney Did Say Govt. Should Provide Guarantees for Automakers after bankruptcy
Posted by FactReal on October 23, 2012
|In his November 2008 New York Times op-ed, Mitt Romney proposed government guarantees for the auto companies’ post-bankruptcy financing:
I love cars, American cars. I was born in Detroit, the son of an auto chief executive. In 1954, my dad, George Romney, was tapped to run American Motors when its president suddenly died. The company itself was on life support — banks were threatening to deal it a death blow. The stock collapsed. I watched Dad work to turn the company around — and years later at business school, they were still talking about it. From the lessons of that turnaround, and from my own experiences, I have several prescriptions for Detroit’s automakers. […]
The American auto industry is vital to our national interest as an employer and as a hub for manufacturing. A managed bankruptcy may be the only path to the fundamental restructuring the industry needs. It would permit the companies to shed excess labor, pension and real estate costs. The federal government should provide guarantees for post-bankruptcy financing and assure car buyers that their warranties are not at risk.
Note to Obama and other liberals: Bankruptcy does not mean liquidation.
– Let’s Check The Record: Obama Was Wrong, Romney Did Say Government Should Provide Guarantees For Carmakers Post-Bankruptcy Financing…
– Romney’s Consistency: He Did Offer Help for the Auto Industry — Post-Bankruptcy