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

    Kid Rock Surprises Michigan as Santorum Robocalls Democrats to Vote for Rick

    Before a packed crowd of more than 1000 supporters, presidential candidate Mitt Romney accepted the endorsement of Kid Rock tonight at the Royal Oak Music Theater. Kid Rock and band then performed his anthem “Born Free,” which has become the Romeny campaign theme

    Kid Rock (or Mr. Rock as his name will likely appear in the New York Times and on NPR tomorrow) has endorsed Republicans before. Arguably, Kid Rock’s local bona fides have never been as vital for a candidate as for Mitt Romney, who is struggling to fend off an insurgent challenge from Rick Santorum in Romney’s home state.

    “He asked me, if I help you, will you help Detroit when you’re president” said Romney. “And I said yes.”

    While Mitt hosted the most lively and exciting rally of the entire campaign, Rick Santorum’s campaign was paying for deceptive robocalls. It’s unreal that Sen. Sentorum has resorted to trying to win the election this way, but I have a feeling it is going to backfire big time. Rick Santorum bets the fortune of his candidacy on turning out democrats to vote against Mitt. If Mitt wins Michigan after this dirty little trick, the backlash against Santorum for robocalling dems the ways he has to get democrats to vote for him will be swift. Rick Santorum is admitting he is a weaker general election candidate and everyone is Michigan knows it now.

    Watch Mitt expose the Sen. Sentorum and Sen. Santorum flail around to defend himself on Hannity below the fold. (more…)

    President Obama’s Super PAC Spending Big on Attack Ads Against Mitt

    Like this video shows, there is only one candidate the White House fears. The #1 rule in politics is to follow the money if you want to know the truth. President Obama’s Super PAC, Priorities USA, is spending even more money than they have in previous states to run attack ads against Mitt here in Michigan.

    Fortunately, momentum is clearly on Gov. Romney’s side and these desperate attacks likely won’t be enough to stop him. The crowds at Mitt’s events continue to grow here in Michigan, and Mitt has launched a bus tour to crisscross the state until Tuesday’s election. Follow the bus tour here and RSVP for upcoming events here.

    Listen to Ann and Mitt speak at the Americans for Prosperity Forum here.

    Watch Mitt’s speech to the Detroit Economic Club below the fold. (more…)

    The Detroit News Joins a Host of Powerful Names in Michigan to Endorse Mitt Romney

    Mitt Romney picked up the endorsement of the largest right-leaning newspaper in Michigan this morning. The Detroit News joins the Oakland Press as major newspapers endorsing Gov. Romney here in Michigan.

    Gov. Romney has garnered a few other endorsements that are having a greater impact than the media realizes. This about this: In 2010, Michigan had a heated primary for Governor which consisted of 4 major candidates. ALL 4 candidates are supporting Gov. Romney. Pete Hoekstra is running for Senate, so he and Mitt have decided to stay away from public endorsements, but behind-the-scenes, they couldn’t be closer. They even go so far as to allow each other’s campaigns to pass items out at each other’s events. Gov. Rick Snyder has endorsed Mitt, Lt. Governor Brian Calley, AG Bill Schuette, Mike Cox, and Mike Bouchard who were the other two main competitors in the Michigan GOP Governor Primary. I’ve never seen such a strong consolidation of support here in Michigan before. It’s basically unanimous among all the top republicans in Michigan that Mitt Romney is the only choice for Michigan voters.

    Chris Christie did a great job on Piers Morgan last night, and you can watch several of the clips here.

    Donald Trump talks Mitt Romney on WSGW Radio in Michigan. Donald Trump has done a great job supporting Mitt here in Michigan.

    One campaign strategy that has served the campaign amazingly well are the tele-townhalls he and Ann have participated in. Here is the audio of one of those calls. The campaign has run one or two of these calls all week and last week, and people are loving them so much more than the robo-calls.

    If you want to see Mitt’s Event in Ohio from the 20th, click here.

    Find out what keeps President Obama up at night below the fold. (more…)

    Mitt Romney Writes an Op-Ed for the Detroit News

    Taxpayers Should Get GM Shares’ Proceeds

    By Mitt Romney
    February 7th, 2012

    I am a son of Detroit. I was born in Harper Hospital and lived in the city until my family moved to Oakland County.

    I grew up drinking Vernors and watching ballgames at Michigan & Trumbull. Cars got in my bones early. And not just any cars, American cars.

    When the president of American Motors died suddenly in 1954, my dad, George Romney, was asked to take his place. I was 7 and got my love of cars and chrome and fins and roaring motors from him. I grew up around the industry and watched it flourish. Years later, I watched with sadness as it floundered.

    Three years ago, in the midst of an economic crisis, a newly elected President Barack Obama stepped in with a bailout for the auto industry. The indisputable good news is that Chrysler and General Motors are still in business. The equally indisputable bad news is that all the defects in President Obama’s management of the American economy are evident in what he did.

    Instead of doing the right thing and standing up to union bosses,Obama rewarded them…

    Read the rest of the important op-ed here and leave a comment there for Michiganders to read. No doubt the democrats will try to characterize Mitt as someone who hates the auto industry, so it’s up to us to make sure Michiganders are provided the truth.

    UPDATE: Mitt Romney’s presidential campaign is making TV reservations in Michigan, starting with the Detroit market. Romney’s super PAC, Restore Our Future, has already purchased a half-million dollars in airtime over the next week, but Romney’s campaign was quiet until this morning. The full size of the flight is yet to be determined.

    Here’s Mitt’s ad:

    If you are interested in learning more about Mitt’s life in Michigan, read the beginning of our summary of the new biography about Mitt Romney.

    Obama’s Rank & File Rumbling, Romney’s Message as President’s Magical Misery Tour Ends


    As Obama’s Magical Misery Bus Tour comes to an end, Governor Mitt Romney summarizes the president’s policy results:

    We would not have seen the president on a bus tour had his first 940 days in office been successful. President Obama has not gotten the job done and his policies have failed. He’s hoping that by going on a three day bus tour he can make up for hundreds of days of failure.”

    ● With 71% of Americans down on Obama for his handling of the economy, our food stamp president talked fast and loud while in Iowa, Illinois, and Minnesota. He really wanted us to know about all the bad goings-on in D.C. and how it’s messed him up…

    The way he described those D.C. political shenanigans, who would want to spend $745 million of someone else’s money to get there? Or $1 billion more to stay there? Or pay $37.1 million of others’ money to 464 aides to help him work there.

    ● Oh, the president is dreaming up a jobs plan – it will gel while he’s toes-up-in-the-sunshine at Martha’s vineyard. Rumors are it includes a 3rd stimulus plan – to build bridges and bail out near-bankrupt states – more Euro socialism economics.

    Obama:

    We’ve got over $2 trillion worth of repairs that need to be made around the country, and I know there are some right here in this county and right here in this state. And we’ve got a lot of construction workers that are out of work when the housing bubble went bust, and interest rates are low, and contractors are ready to come in on time, under budget — this is a great time for us to rebuild our roads and our bridges, and locks in the Mississippi, and our seaports and our airports….

    I think to myself, you know what, if folks in Washington were carrying out their responsibilities the way you’re carrying out your responsibilities, we’d be just fine. We would be just fine. (Applause.)…

    ● A couple of days ago (8/16/11), seasoned politician Maxine Waters (D-CA) was in Detroit speaking at a Congressional Black Caucus town hall meeting about JOBLESSNESS. She was confronted by an angry audience on why she and CBC members weren’t confronting Obama over his failed job strategy (unemployment among African-Americans is abysmal – 16.2%.) Listen to this; listen more closely to audience response:


    “We don’t know what his [Obama's] strategy is!” – Maxine Waters

    ● Just a few hours ago, Morgan Stanley issued a full US recession alert (warning also included Euro Zone).

    It’s as plain as the nose on America’s unemployed face: Obama isn’t working.




    ► Jayde Wyatt

    UPDATE from Ross ~ I bought one of the T-Shirts MittRomney.com has been promoting all day commemorating Obama’s Magical Misery Tour. After seeing the link to the shirts on Drudge, I can’t wait to see how much money in small donations Mitt has raised today!

    Mitt Romney Comes to Michigan and Liberals Have a Hissy Fit

    Gov. Romney continues to have the best chance to defeat President Obama in 2012 and the President’s supporters know it. Former Michigan Governor Jennifer Granholm decided to welcome Gov. Romney to Michigan with a ridiculous op-ed for Politico titled “Let Romney Go Bankrupt” pleading with Michiganders not to donate to Gov. Romney’s campaign. She and the protesters outside the Livonia Coney Island claim that Gov. Romney wanted the auto companies to go out of business and essentially disappear when quite the opposite is true. Romney said if the auto companies had “gone through regular bankruptcy, we’d have saved $17 billion.” Instead, he said, the UAW ended up with a large ownership stake and stockholders and bondholders were hit financially worse than they would have been.

    I know the UAW protesters are paid to protest and don’t actually understand the issues (one of them even called me a derogatory term used to demean homosexuals because I was wearing my Mitt Romney 2012 shirt), but Granholm knows she’s lying when she says Gov. Romney doesn’t support the domestic auto industry. Mitt’s dad, George Romney, ran a Detroit automaker before he became a 3-term Governor of Michigan for goodness sakes. Maybe Gov. Granholm is still smarting from the debate she lost with Mitt on Meet the Press during the auto bailout debate…

    If anyone wants to read Mitt’s original op-ed that was given its title by the New York Times, you can read it here. As you can see from both Mitt’s original article that liberals only ever reference the title of and Mitt’s own words during the debate, Mitt never wanted the domestic auto makers to go out of business. Being the forward-thinking businessman he is, Mitt knew the companies could only survive and thrive in the future by going through a structured bankruptcy. The bailout money was a waste because GM and Chrysler ended up going through the bankruptcy that money was supposed to prevent.

    Despite the best efforts of the protesters, Gov. Romney had a very successful event. His trip to Michigan has been talked about on the local radio stations and been in the news for several days now and Mitt attracted quite a crowd. People were asking Mitt to sign all kinds of things, but baseball mitts were my favorite. Well, the fact that Mitt signed the latest copy of Newsweek was interesting as well. When he saw it, he said “That’s pretty funny isn’t it”. Later. a man stood up on the counter at the Coney Island and sang he own rendition of “When the Saints Go Marching In” where he changed to words to “When Romney comes marching home again…” Mitt won the Michigan primary handily in 2008 and he leads here again. I expect Mitt to win Michigan in the general election against President Obama, but the democrats are going to continue to fight tooth and nail to keep Michigan blue.

    Mitt stayed much longer than his driver, who was driving the new Chrysler 300, wanted because Mitt kept sitting down to talk to people. Mitt finally got dragged out of there to head to Bizdom U in Detroit, but before he could, he was confronted by a misinformed person who was saying that Mitt shouldn’t be allowed in the state of Michigan anymore and that he’s a traitor. I haven’t seen Mitt do this before in person, but he turned around the face the accuser and instantly the media pushed in forcing Mitt and the other person to be face-to-face. I could see it in Mitt’s eyes that he was hurt and angry that someone was suggesting that Mitt shouldn’t be allowed to visit the state he was born in, grew up in, met his wife in, and still has a lot of family in. He told the accuser that he was misinformed and explained what his position on the auto bailout has always been. The media ate it up, so I hope to see some videos of this confrontation soon.

    For anyone who doesn’t know what Bizdom U is all about, Bizdom U provides comprehensive, real-world training, mentorship, and support for entrepreneurs who have a burning passion and determination to build a growth-oriented, Detroit-based or Cleveland-based business. Hopefully we’ll be able to post some details from the Bizdom U visit soon.

    VIDEO of the Coney Island event, a photo of Mitt at the roundtable discussion at Bizdom U, and Mitt’s radio interview with Frank Beckmann below the fold: (more…)

    Mitt Romney’s Boyhood Home Scheduled to be Demolished

    As a Michigander, this article caught my eye.  I’ve been following this story much longer than the rest of the country has since I live to close to Detroit.  When Mayor Dave Bing was still a long-shot to become Mayor I was very intrigued by his plan to bring urban farming to the city.  Detroit has so many dilapidated houses and neighborhoods with few residents despite the many remaining empty and cheap homes.  In a lot of cases, the homes can be bought for almost nothing, but the unpaid tax burden is very high.

    Anyway, the idea of consolidating neighborhoods and turning vacant land into farms makes too much sense logistically and financially to ignore.  I understand and am sympathetic to the people who live in a home that has been part of their family for generations, so I’m not completely sold on the idea of relocating citizens to more densely populated neighborhoods.  This is a very complicated problem that the city of Detroit has dealt with for years.  I applaud Mayer Bing and his administration for taking large steps to address the situation, although I’m not certain it’s the right thing to do.  Detroit can’t afford to sit idly by and wait for over a million people to move back to the city because that may never happen.  Perhaps the best solution would be to allow people who want to stay in their homes to stay, but all services would be cut to the house because consolidating and privatizing those services is part of Mayor Bing’s plan.  I could go into more details, but I digress…

    In the article I linked to above, I was surprised to find out that Mitt Romney’s boyhood home is one of the homes scheduled to be demolished.  I haven’t heard about this from Mitt or anyone else for that matter, and that silence leads me to ask a few questions:

    1.  How long did Mitt live here as a boy and is this home something that should be saved for posterity in the event that Mitt becomes our President?  Based on the picture provided in the article, this house looks pretty run down.  Since Mitt still has quite a bit of family in Michigan, how did one of their homes become like this?

    Mitt Romney boyhood home

    1860 Balmoral Drive

    2.  Why hasn’t Mitt spoken about this?  Is he conflicted because he supports the efforts of Mayor Bing, but he also loves his old house?  Is Mitt doing more research on the plan before he speaks about it?

    3.  What, if anything, should we Mitt supporters do about this?

    Please try to answer these questions and feel free to ask any other questions you may have.  I’ll probably have more questions as I begin to wrap my head around this curious situation.

    UPDATE: MLIVE has some more details and a quote from Mitt about the demolition:

    Romney, who is considered a leading GOP presidential candidate for 2012, said “it’s sad” that his childhood home is being razed, “but sadder still to consider what has happened to the city of Detroit, which has been left hollow by fleeing jobs and liberal social policies.

    UPDATE: The home is no more…

    Mitt Romney in Michigan Speaks on the Auto Industry, the Governor’s Race, and to the New Eagle Scouts

    Mitt Romney Scouts 100 aniversary

    Yesterday was a busy day for Gov. Romney. He delivered a great speech to CPAC, but that wasn’t all. As soon as the speech was over, he rushed to the airport and got on a plane to Michigan where he was the keynote speaker at the 100th Anniversary – Building Character Celebration for the new Eagle Scouts. “I’m convinced that if Boy Scouts were running things here in Michigan, you’d be a lot better off,” Romney said to hefty applause.

    Mitt at the Boy Scouts of America 100th Anniversary Dinner

    Mitt also gave an interview to the Detroit News where he answered questions on Obama’s first stimulus bill, the Tea-Party movement, his recent plane incident, the Christmas Day bombing attempt, Afghanistan, Don’t Ask Don’t Tell, Michigan’s 2010 Gubernatorial Race, and the Supreme Court.

    If you think that was a busy day for Gov. Romney, just look at his upcoming schedule. Mitt is hosting a fundraiser for Sen. John Thune today, is speaking on numerous conferences in the upcoming months, has an upcoming book tour, and will undoubtedly be campaigning for numerous 2010 candidates all over the country.

    UPDATE: Romney stumps for Thune