Barack Obama should really apologize to Mitt Romney for trying to demonize the former Governor for saying back in November 2008 that “A managed bankruptcy may be the only path to the fundamental restructuring the industry needs.” What do you think Obama did in the Detroit bailout he’s touting so much these days? A managed bankruptcy of GM and Chrysler. Duh!
Here’s the MSNBC story from June 1, 2009:
General Motors filed for Chapter 11 bankruptcy protection Monday as part of the Obama administration’s plan to shrink the automaker to a sustainable size and give a majority ownership stake to the federal government.
And here is Chrysler’s actual bankruptcy filing from April 30, 2009.
So Barack Obama let Detroit go bankrupt, so that GM and Chrysler could restructure their debt. And yet the President contionues to say that Mitt Romney would have let Detroit go bankrupt? Hello, is anybody getting any of this?
Oh, and check out Romney’s offending op-ed. He’s arguing (for better or worse) for saving the Big Three. He writes things like “management as is must go” and “it is not wrong to ask for government help, but the automakers should come up with a win-win proposition.” The presumption is that GM and Chrysler and Ford should be kept alive.