Monday, February 6, 2012

Mitt Romney Was Wrong About the Auto Industry Bail Out and Cannot Be Trusted with The Presidency

IF General Motors, Ford and Chrysler get the bailout that their chief executives asked for yesterday, you can kiss the American automotive industry goodbye. It won’t go overnight, but its demise will be virtually guaranteed.
Mitt Romney's New York Times Op-Ed in response to the American Automobile industry's request for government bailout

One thing we know about Republican Mitt Romney, the GOP front-runner to take on President Obama next November, is that he is an unabashed vulture capitalist as charged by Rick Perry, the Governor of Texas. What the New York Times Op-Ed illustrates is a cold blooded person who looks at the bottom line, money, above all else. If you read the entire piece, he tries to come across as balanced; even noting that he was born in Detroit, the very City which he was advocating adding hundreds of thousands of struggling workers to the unemployment line. Talk about a food stamp president - what would he have done for those blue collar workers?

Romney's solution was straight out of the Bain Capital playbook:

The American auto industry is vital to our national interest as an employer and as a hub for manufacturing. A managed bankruptcy may be the only path to the fundamental restructuring the industry needs. It would permit the companies to shed excess labor, pension and real estate costs. The federal government should provide guarantees for post-bankruptcy financing and assure car buyers that their warranties are not at risk.


In other words - let the workers suffer. The truth is, Mitt Romney played along with the GOP extremists who called the move to bail out the auto industry a grave mistake that will doom the industry. Well, they got it wrong. Now, the American automobile industry is once again number one in the world. And in this case - President Obama and his administration made the right call - and that's leadership. Something that "Vultures" just don't have!

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