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Mitt Romney: 'I'll Take A Lot Of Credit' For Auto Industry Recovery

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Yesterday at 11:04 PM
Posted by on May. 8, 2012 at 11:19 AM
  • 7 Replies

Mitt Romney: 'I'll Take A Lot Of Credit' For Auto Industry Recovery

The Huffington Post  |  By  Posted: 05/08/2012 12:19 am Updated: 05/08/2012 9:29 am

Mitt Romney Auto Industry

Despite his 2008 call to "let Detroit go bankrupt," presumptive Republican presidential nominee Mitt Romney said Monday that he would "take a lot of credit" for his impact on the U.S. automobile industry's comeback.

During an interview with WEWS-TV in Cleveland following a campaign stop, Romney said his views helped save the industry.

"I pushed the idea of a managed bankruptcy," Romney said. "And finally, when that was done, and help was given, the companies got back on their feet. So I'll take a lot of credit for the fact that this industry's come back."

Both General Motors and Chrysler ended up taking the massive federal loans supported by both President Barack Obama and former President George W. Bush. The bailout included managed bankruptcy filings for both companies. According to the federal judge who presided over Chrysler's bankruptcy in 2009, the company would not have survived without the bailout. Ford survived without taking a government loan.

Romney's stance on the bailouts and his infamous 2008 New York Times op-ed "Let Detroit Go Bankrupt," have come up throughout the campaign, especially ahead of February's primary in Michigan. In that editorial, Romney argued that a government bailout for ailing auto giants Chrysler and General Motors would do more harm than good.

"If General Motors, Ford and Chrysler get the bailout that their chief executives asked for yesterday, you can kiss the American automotive industry goodbye," Romney wrote. "In a managed bankruptcy, the federal government would propel newly competitive and viable automakers, rather than seal their fate with a bailout check."

Romney also spoke out on his opposition to the government loaning money to the industry in 2009, placing some of the blame on Bush.

"Bailout of enterprises that are in trouble, that's not the right way to go," Romney told CNN's Larry King in 2009. "I know President Bush started it with the auto industry. I thought it was a mistake."

Obama's campaign immediately responded to Romney's comments on Monday evening, stating that Romney was attempting to "fool" the public.

“Mitt Romney may think he can fool the American people by hiding his belief that we should ‘let Detroit go bankrupt,’ but the American people won’t let him," Obama campaign co-chair Ted Strickland said in a statement, referencing Romney'sTimes editorial. "Mitt Romney seems to think Americans will just forget the past and his very vocal and clear opposition to the successful auto rescue."

Chrysler, now majority-owned by Italy's Fiat, has since paid back all but $1.3 billion of its $12.5 billion government loan. According to CNN, taxpayers were $25.5 billion short on the $50 billion G.M. bailout as of February.

by on May. 8, 2012 at 11:19 AM
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Replies (1-7):
_Kissy_
by on May. 8, 2012 at 11:40 AM
4 moms liked this

Why??? because he bought 17 new cars???

rachelrothchild
by on May. 8, 2012 at 11:44 AM

I will agree with him on this comment:

Romney also spoke out on his opposition to the government loaning money to the industry in 2009, placing some of the blame on Bush.

"Bailout of enterprises that are in trouble, that's not the right way to go," Romney told CNN's Larry King in 2009. "I know President Bush started it with the auto industry. I thought it was a mistake."

DixieL
by Bronze Member on May. 8, 2012 at 8:44 PM
3 moms liked this

Whoever did the programming on Romney the Robot deserves to be fired!  To try to take credit for saving the auto industry after saying (and writing) "Let Detroit Go Bankrupt" makes him the definition of absurdity. by: Dixie's husband

LIMom1105
by on May. 8, 2012 at 9:03 PM
1 mom liked this

OMG--he has sunk to a new low. He is on record saying let them fail. Now he wants to take credit for it?  How???????????



LIMom1105
by on May. 9, 2012 at 8:11 AM
1 mom liked this

No other posts?  I'm amazed at the silence this one has generated.

It bothers me because it is sooooo obviously false. It's not a gaffe or a slip.  It's an outright lie, and if he believes what he is saying, he's delusional.

I saw a clip from the Jon Stewart show--loved it!  He developed a long chain of events by which Romney can claim to be responsible for Bin Laden's death.  Hate to say it, but he's not far off the mark. 

lga1965
by on May. 9, 2012 at 8:41 AM

 LOL, see, THIS is why I think he has no clue. Does he really think we won't remember what he said back then? LOL. He flip flops, says what specific groups want to hear from him and then lies and thinks he can take credit for others' successes.I don't know....maybe there are enough people who have bad memories and are easily fooled and he will get the nomination.

lga1965
by on May. 9, 2012 at 8:55 AM

 

Quoting rachelrothchild:

I will agree with him on this comment:

Romney also spoke out on his opposition to the government loaning money to the industry in 2009, placing some of the blame on Bush.

"Bailout of enterprises that are in trouble, that's not the right way to go," Romney told CNN's Larry King in 2009. "I know President Bush started it with the auto industry. I thought it was a mistake."

 Well, he was lying then and he is lying now. If the auto industry had gone bankrupt, it would have been a disaster. The bailouts saved them and they are paying the government back. Romney has no idea what he really believes. He has a different opinion every few months and now he takes credit for saving the auto industry? Its just wrong.

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