The Detroit News reports presidential hopeful Mitt Romney believes he deserves credit for the auto industry's recovery, despite the fact that he adamantly opposes the bailout. While speaking with a Cleveland, Ohio television station, Romney said he deserves "a lot of credit" because he supported the idea of managed bankruptcy. But both President George W. Bush and President Barack Obama believed General Motors and Chrysler couldn't survive the process without backing from the United States Treasury.

Meanwhile, in a 2008 opinion article for The New York Times, Romney warned the bailout would mean the end of the American automotive industry, saying "It won't go overnight, but its demise will be virtually guaranteed."

Through the lens of hindsight, we know that statement was a bit exaggerated. Both Chrysler and GM are on the right path, with the companies posting profits in North America. The Detroit News reports the auto bailout is an important topic in two crucial swing states: Ohio and Michigan.


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  • 159 Comments
      IOMTT
      • 2 Years Ago
      What is done is done. Hopefully the industry will not find itself in that condition again. I wonder if any lessons were learned or this will repeat?
      Avinash Machado
      • 2 Years Ago
      Politics makes one's head spin.
      carboy55
      • 2 Years Ago
      That sad part is that so many clueless dipwad racist right wingers will believe it. Pathetic.
      WillieD
      • 2 Years Ago
      The difference between GM and Romney is that Romney actually knows how to run a business.
        ragtopdodge
        • 2 Years Ago
        @WillieD
        Really? And he was so proud to get federal bailout money for the Winter Utah Olympics. So every company BAIN has purchased flourished? NOT! he's a vulture capitalist that stole workers' pensions, sold companies, and workers were left with nothing.
        citidriver
        • 2 Years Ago
        @WillieD
        Yes, a venture capitalist business, any other?
        OptimusPrimeRib
        • 2 Years Ago
        @WillieD
        By laying off the workers, leeching whatever capital a company has, and making that business fold? Yeah that's exactly how you run a business.
          Gabriel R
          • 2 Years Ago
          @OptimusPrimeRib
          you dont know anything about BAIN. Let me just say this, when INtel, Dell, Apple or any big company need help with their management and structure, they ask BAIN for help, cause the KNOW how to run a business, they dont just layoff workers.
      pantospatacos
      • 2 Years Ago
      Wow, could this guy be any more out of touch with reality?
      CBJMNWLD
      • 2 Years Ago
      Is there nothing this jackhole will not say or do? He claims to "know" the car business because Daddy talked about it after work at the dinner table. WTF?? Bear in mind that Daddy ran AMC. Yes, Gremlin and Pacer AMC... Whatever your Dad told you. Do the opposite. He claims to have been at events he wasn't even alive for. Seriously this is the BEST the Republicans could conjure up after four years??? But his wife has four Cadillacs? Please god don't let this Lands End Catalog model win.
        Synthono
        • 2 Years Ago
        @CBJMNWLD
        Actually his dad ran 50s and 60s AMC, when they were successful at being the compact alternative to the big three. The company went to crap after Romney left to pursue a political career.
        Fonin
        • 2 Years Ago
        @CBJMNWLD
        isn't that awesome?
      • 2 Years Ago
      [blocked]
        billfrombuckhead
        • 2 Years Ago
        What union thugs? The ones that bailed Martin Luther King out of jail? That's what the Republicans really hate about unions, the equality with white guys thing. Romney is the worst serious candidate we've ever had for president, even worse the Bush Jr. This guy Mitt will say anything, he is an etch-a-sketch, just shake him up and create a new Romney. The Republican chainsaw capitalists already had a shot at Chrysler when Dan Qualye led Cerebrus put Art Nardelli in charge.
        guyverfanboy
        • 2 Years Ago
        What?
        Wyrmdog
        • 2 Years Ago
        "LOL at Huffington Post. kowtowing to their UAW thugs." Hahaha, am I the only person here with visions of union bosses dressed like Mandarins now?
          billfrombuckhead
          • 2 Years Ago
          @Wyrmdog
          THE UAW BAILED MLK OUT OF JAIL, why are you changing the subject ? BTW, after the Civil Rights, the greedy Republicans became the party of bigotry and hatred. I know history quite well. I used to a Republican until David Stockman schooled me that trickle dowm economics was a fraud.
      • 2 Years Ago
      [blocked]
        Car Guy
        • 2 Years Ago
        Social liberal who are fiscally conservative = libertarian.
      stclair5211
      • 2 Years Ago
      The facts are GM bailed on 189 BILLION costing hundreds of jobs, they stil owe 24 BILLION in TARP. 14 BILLION owed by Ally - GMAC and left the Feds to clean up their old sites. The bailout was a huge failure and a giveaway to the unions. More failed policy from Obama. Anyone who votes for Obama now after seeing his true colors is a fool and this country deserves what is coming if he gets back in. More debt, massive economic collapse, etc. This is history repeating itself all over again. All you have to tell an Obama moron is two words, 5 trillion. They can't explain it. Nobody can justify that level of spending that has continued to this day desire pledges by Obama to half the debt, not sign anything that adds to it, etc. The idiot's own words are out there! The republicans are blowing it and it only proves they are in on it too.
        ragtopdodge
        • 2 Years Ago
        @stclair5211
        Also, do you recall Bush and John Boner giving billions to TARP? Boner was CRYING on the House floor to give the banks a bailout. You Repugs are a bunch of hypocrites. Not OK if Obama gives money to car companies. OK to give to the banks. Pathetic. You guys deserve Flip-Flopper.
        ragtopdodge
        • 2 Years Ago
        @stclair5211
        Gimme a break wingbat.
        mad-chi-town
        • 2 Years Ago
        @stclair5211
        I believe Bush had two wars, a Medicare part D plan, and tax cuts that were never on the books, Obama put them on the books when he took office. Obama had to have the govt spend to prevent a complete collapse. Plus Bush's programs are recurring spending. More people are on public assistance now under Obama because of Bush's policies.
      Travis Miles
      • 2 Years Ago
      One thing I can say about President Obama is that everything he said he would do he did or attempted to do. So there is no veil of secrecy to him. But Mitt Romney is such a liar that its almost impossible to determine what he is for or either against. Earlier in the year he said President Obama made the worse decision in bailing out the auto industry. Today President Obama stole the idea from him. Even if you could look over the fact that he is just not likable because he is untrustworthy; you still can't trust him. If Republicans and Independents can garner enough support to elect him as President, who is to say that he will not turn into a Democrat the very next day.
        Wyrmdog
        • 2 Years Ago
        @Travis Miles
        Aye, his policies while in office as governor seemed a lot more moderate than much of what he says these days and it stands to reason that given the variable rift between what he says and what he actually does, none of us (regardless of leaning) can possibly know what to expect from him. Or at least that's often how it seems.
      Carlos Cruz
      • 2 Years Ago
      If people fall for this, and his other lies.... well they deserve to receive the fallout of a Romney presidency. (Think Bush late '07)
        nsxrules
        • 2 Years Ago
        @Carlos Cruz
        You chose the right time for Bush's presidency, that's when dems took over congress and drove the country into the ground...... The contry can't survive 4 more years of Obama, look at Greece for a preview.
      nsxrules
      • 2 Years Ago
      Funny thing is that any business person will agree with Romney, the bailout is not what saved GM and Chrysler, the bankruptcy did. Obama wanted the bailout so he would have time to give the unions what they wanted while screwing millions of Americans who had money invested in GM (from individual investors to pension plans, etc. etc.) So Romney is correct that his recommendation for a bankruptcy is what ultimately saved GM and Chrysler. He was also correct that a bailout alone would have meant the demise of the American auto industry as it wouldn't have addressed the real problems the industry faced. Those issues were not addressed with the bailout but rather with the bankruptcy. IE if your neighbor has a gambling problem giving him money so he can pay his mortgage is not what will save him, that just postpones the inevitable. Fixing his gambling problem is what would fix his problem. Shame on Autoblog for allowing the left leaning policies of it's parent company, AOL, who also owns the extreme leftist Huffington Post, to taint their coverage. Lets see if this comment gets deleted by Autoblog.
        jdeli01
        • 2 Years Ago
        @nsxrules
        Kind of hard to run a business when you are out of money. Look at Saab. That happens when you have no money to pay bills. The combination of the baillout and bankruptcy saved GM. To say one opposed the bailout and still try to take credit for the recovery is ludicrous.
          TrueDat
          • 2 Years Ago
          @jdeli01
          "Kind of hard to run a business when you are out of money." that's exactly nsx's point. a business that is out of money has a problem. throwing more money at them alone won't fix the problem, only delay it.. it's a short term fix. a chapter 11 bankruptcy essentially forces the issue to be fixed.. it's a long term fix. combined with financial backing from the treasury, it's a recipe for a successful restructuring.
          jdeli01
          • 2 Years Ago
          @jdeli01
          No. To say bankruptcy alone would have save GM is wrong. It doesn't matter what kind of bankruptcy you go through if you don't have cash to pay the bills. Look at Saab. Again, the combination of the bailout and bankruptcy saved GM. Either one or the other alone would not have worked. Since Romney was so oppose to the bailout, he doesn't deserve credit for GM's recovery.
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