Michigan, are you listening? Debunking Obama’s Bankruptcy Spin on Auto Bailouts

Obama’s auto bailout ‘success’ is a disaster for taxpayers.

Like a toddler who likes to continually jabber a new phrase, Obama keeps blabbering “Romney said let Detroit go bankrupt! Romney said let Detroit go bankrupt!”

Here’s what our prattling President doesn’t want Americans to know:

Deceitful, smoke-’n-mirrors Obama ADOPTED Mitt Romney’s idea of a managed bankruptcy for American car makers. BUT, Obama’s mishandling of the process has proven very costly.

Romney Press – Oct 16, 2012:

Mitt Romney Will Help Our Auto Industry Become Stronger And More Competitive

As a Michigan native and the son of a car guy, Mitt Romney has always believed that a strong auto industry is an essential component of the nation’s economy. He has a plan that will help the auto industry move forward into a new era of innovation and dominance.

  • Domestic Energy Production That Aids Manufacturing: We are on the cusp of a manufacturing renaissance in the United States, and it will be made possible by an abundant supply of cheap, reliable energy within our borders. Mitt Romney will have a true all-of-the-above strategy that includes coal, natural gas, oil and other resources.

  • Trade That Works For Our Auto Industry: Our workers make the best cars in the world. We must develop markets abroad where our cars can be sold. Mitt Romney will open new markets to American automakers far more aggressively than this President has.
  • Stand Up To China And Level The Playing Field: Mitt Romney will stand up to countries like China that don’t play by the rules. Starting on day one, Mitt Romney will make clear to China that they must respect the intellectual property of American manufacturers and open their markets to American products.
  • Lower Our Corporate Tax Rate To Boost Competitiveness: Mitt Romney will reduce the corporate tax rate, so that our carmakers can compete on a level playing field both at home and around the world, and can afford to invest more in breakthrough products. He will also stop the foolish practice of imposing an extra tax on our automakers when they sell cars overseas so they can reinvest the profits here at home.
  • Get Government Out Of The Car Business: President Obama has told Detroit what kind of cars to build, implemented extraordinarily onerous regulations that will drive up the cost of each car by thousands of dollars, and to this day owns more than one quarter of General Motors. Mitt Romney will get the federal government out of the auto industry and eliminate regulations that distort the market and drive up costs.
  • A Reminder – Mitt Romney supported a managed bankruptcy process for our automakers, which is what President Obama ultimately agreed to support:

    Months After Taking Office, President Obama Finally Arrived At The Conclusion That Managed Bankruptcy Was Preferable To His Initial Strategy. “The Obama’s administration’s leading plan to fix General Motors Corp. and Chrysler LLC would use bankruptcy filings to purge the ailing companies of their biggest problems, including bondholder debt and retiree health-care costs, according to people familiar with the matter. … President Barack Obama’s task force has told both companies that the administration prefers this route … rather than the prolonged out-of-court process that has thus far frustrated administration officials.” (The Wall Street Journal, 3/30/09)

    The Obama Administration Ultimately Found Bankruptcy To Be The Only Way Forward. “The administration says a ‘surgical’ structured bankruptcy may be the only way forward for GM and Chrysler, and President Obama held out that prospect Monday. ‘I know that when people even hear the word ‘bankruptcy,’ it can be a bit unsettling, so let me explain what I mean,’ he said.” (The Wall Street Journal, 3/30/09)

    What did Governor Romney NOT support? Labor Union handouts, giving American companies to foreign owners, ill-considered dealership closings, and keeping government in the car business:

    President Obama’s Handling Of The Bailout Gave The United Auto Workers Union A Majority Ownership Stake In Chrysler. “The Obama administration’s decision to bail out Chrysler gave the union trust what was initially a majority ownership position of 55 percent of its shares.” (Reuters, 6/3/11)

    The Obama Administration Handed Over Control Of Chrysler To Fiat, An Italian Automaker. “Chrysler LLC, for years America’s third-biggest automaker, survived perhaps the most dire of its periodic near-death experiences in 2008 and 2009, when the federal government forced it into bankruptcy, pumped in $10 billion in taxpayer funds and put it under the control of the Italian automaker Fiat, with the auto workers union as the company’s biggest shareholder.” ((The New York Times, 7/30/12)

    President Obama’s Auto Task Force Pressed GM And Chrysler To “Close Scores Of Dealerships Without Adequately Considering The Jobs That Would Be Lost.” “President Obama’s auto task force pressed General Motors and Chrysler to close scores of dealerships without adequately considering the jobs that would be lost or having a firm idea of the cost savings that would be achieved, an audit of the process has concluded.” The New York Times, 7/18/10)

    The Obama Administration “Contributed To The Accelerated Shuttering Of Thousands Of Small Businesses” And Potentially Added “Tens Of Thousands Of Workers” To The Unemployment Lines. (CNN Money, 7/19/10)

    General Motors Now Wants The Government To Sell Its Stake In The Company, But The Obama Administration Is Resisting. “The Treasury Department is resisting a push by General Motors Co. to sell the government’s entire stake in the auto maker – the latest source of tension between two unlikely partners thrust together at the depths of the financial crisis. U.S. taxpayers kept the nation’s largest auto maker by sales afloat with a $50 billion bailout in 2009 and now own 26.5% of the Detroit company. But GM executives have grown increasingly frustrated with that ownership and the stigma of being known as ‘Government Motors.’” (The Wall Street Journal, 9/17/12)

    Taxpayers Are Taxpayers Are Currently Projected To Lose More Than $25 Billion On The Bailouts Of Auto Industry. (U.S. Treasury Department, 8/12)

    Now, you have the truth.

    Michiganders, help Mitt Romney and Paul Ryan obtain your 16 electoral votes. CAll NOW to get started. Readers, you, too, can help.

    By Lisa Benson

    Follow Jayde Wyatt on Twitter @YayforSummer

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    9 Responses to Michigan, are you listening? Debunking Obama’s Bankruptcy Spin on Auto Bailouts

    1. Paul Johnson says:

      Great job, Jayde. Way to nail it. This story needs to be told and re-told to debunk the Obama myth. Under Obama the auto industry did go bankrupt: Chrysler is no longer an American company, GM went bankrupt and may very well do so again, costing the US taxpayers up to $25 billion. Under Mitt’s plan the auto industry would have survived stronger and able to compete. Even independent observers are now saying Mitt was right in his approach, not Obama.

    2. kath says:

      It’s funny the line is: Romney said Let Detroit go bankrupt!! He doesn’t say Romney wrote an op-ed- you really need to read it!!
      Romney offered real solutions for the auto industry and took the executives to task, not the rank and file.

    3. Jayde Wyatt says:

      Thanks, Paul. Yes, these TRUTHS needs to go viral.

      I’ll never forget seeing owners of car dealerships on television tell of being forced by Obama to shut down – when their dealerships were profitable! Oh yeah, the owners I saw stated they were conservatives.

    4. Cathy says:

      Bottom line…Gov. Romney knows business and how it works, and how to fix things without taxpayers money. Obama knows how to spend taxpayers money and not fix anything. We can’t afford 4 more years of his ineptness and lack of how business works. He wants to build a monument to himself, not to America. The man is a danger and you all know it.
      Vote in a man who knows…Romney 1012.

    5. AfricanforRomney says:

      We’ve a Prez who doesn’t know the national debt figures when he was asked by Dave Letterman, he doesn’t even look his own investment portfolio when Gov Romney questioned where invested, the funny one is the reason we paid less for gas in the begining of Obama’s first term was b/c “the economy was on the verge of collapse.” hehehe

      The guy doesn’t know how to balance hisown freak’n bank book let alone fixing sick company or economy. Prez Obama doesn’t understand the ECONOMY! He’s not qualified to oversee this economy. You can’t trust this Prez to run a world economy.

      Gov Romney knows how to read a balance sheet. The final debate should be who will finish within 5 minutes rading a balance sheet and write quick analysis. That would be awesome.

      Gov Romney=Uniquely Qualifed Leader!

    6. Ann says:

      Made in AMERICA! That is a great tag for any product, but increasingly rare. Mitt Romney has already helped many corporations in his life. His ideas and plans for American auto manufacturing will generate thousands of jobs, millions of dollars, and an increasing pride in seeing: “MADE IN AMERICA” on more and more autos and trucks! Michigan; time to vote for Mitt Romney, and see auto manufacturing return like it was when we lived there!

    7. Joan C. says:

      It’ funny that there is never a mention about all of the dealers that were forced out of business. Thousands were closed. Some were given to democrats who supported Obama. Many simply lost out after many years , and sometimes more than one generation of work. Who has stood up for them? Romney was right. His plan would have saved us millions and had the same results. Obama knows nothing about business.

    8. Sydney says:

      REPEAL the 973 Executive Orders Obama signed into law allowing the government control of streets, highways, bridges; communities and where they will live; businesses, property and stores, etc.
      PLEASE REPEAL ALL, ALL, ALL 973!!!!!

    9. Sydney says:

      I will be 67 11/20, and I voted for the 1st time in 2008, because I knew how critical it was to not allow a Traitor become the President of the USA.
      I voted the first day I was allowed to vote. I, personally, took my ballot (a 1-hour drive) to the polling station, so it couldn’t get ‘lost in the mail.’
      I lost a friend (friends since 8th grade), because I tried to get them to just look at the evidence of the Traitor in OUR White House.
      Electing Mitt Romney and Paul Ryan is THAT important!!!!!!!!
      NOW – I BEG of you, Mr. Romney, FIND A WAY TO GET THIS TRAITOR arrested, “detained indefinitely (his own Executive Order) for 40 years, and then tried for TREASON!!!!! Make it happen BEFORE the election!!!!!
      GOD BLESS YOU for being a true Patriot!!!!