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Mitt attacks the auto company bailouts - WSJ

Discussion in 'Politics, Elections & Legislation' started by mrskeet410, Feb 15, 2012.

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  1. mrskeet410

    mrskeet410 TS Member

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    http://online.wsj.com/article/SB10001424052970204880404577225201227397204.html?mod=WSJ_Opinion_BelowLEFTSecond

    Mitt Romney renews his attack on the General Motors and Chrysler bailouts in Michigan.

    By JAMES FREEMAN

    'Michigan's Feb. 28 Republican presidential primary is almost a must-win for Mitt Romney. But to his credit the candidate is renewing his attack on the federal bailout of two of the state's giant employers. In a Detroit News op-ed this week, Mr. Romney calls the Obama administration's 2009 bailout of General Motors and Chrysler "crony capitalism on a grand scale."...

    The Obama bailouts, which followed initial bailouts by President George W. Bush in 2008, have been unpopular with conservative voters, even in Michigan. But the political risk for Mr. Romney is that Democrats and independents, who might favor the sweet deals for union workers included in the Obama rescues, can vote in the GOP primary. Mr. Romney's chief opponent, Rick Santorum, also opposed the auto bailouts, but Mr. Romney has chosen to highlight the issue in Michigan. It is an encouraging sign, similar to Mr. Romney's laudable decision last year to tell Nevadans, suffering through one of the country's worst housing busts, that federal intervention was not the solution...'

    http://online.wsj.com/article/SB10001424052970204880404577225201227397204.html?mod=WSJ_Opinion_BelowLEFTSecond
     
  2. bigdogtx

    bigdogtx Well-Known Member

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    Next thing you know,,,,he will be lying about a whites only gun club.....
     
  3. WS-1

    WS-1 Banned User Banned

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    Bigdog,

    Did you get a whiff. I think the Lezbo cut one. :(
     
  4. mrskeet410

    mrskeet410 TS Member

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    Link to Mitts editorial in Detroit News. He went right into the lions den (Detroit) to deliver this message.

    http://www.detroitnews.com/article/20120214/OPINION01/202140336

    February 14, 2012 at 12:52 pm
    Romney op-ed: U.S. autos bailout 'was crony capitalism on a grand scale'


    "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...

    This was crony capitalism on a grand scale. The president tells us that without his intervention things in Detroit would be worse. I believe that without his intervention things there would be better.

    My view at the time — and I set it out plainly in an op-ed in the New York Times — was that "the American auto industry is vital to our national interest as an employer and as a hub for manufacturing." Instead of a bailout, I favored "managed bankruptcy" as the way forward.

    Managed bankruptcy may sound like a death knell. But in fact, it is a way for a troubled company to restructure itself rapidly, entering and leaving the courtroom sometimes in weeks or months instead of years, and then returning to profitable operation.

    In the case of Chrysler and GM, that was precisely what the companies needed. Both were saddled with an accumulation of labor, pension, and real estate costs that made them unsustainable. Health and retirement benefits alone amounted to an extra $2,000 baked into the price of every car they produced.

    Shorn of those excess costs, and shorn of the bungling management that had driven them into a deep rut, they could re-emerge as vibrant and competitive companies. Ultimately, that is what happened. The course I recommended was eventually followed. GM entered managed bankruptcy in June 2009 and exited it a month later in July...

    Before the companies were allowed to enter and exit bankruptcy, the U.S. government swept in with an $85 billion sweetheart deal disguised as a rescue plan.

    By the spring of 2009, instead of the free market doing what it does best, we got a major taste of crony capitalism, Obama-style...

    While a lot of workers and investors got the short end of the stick, Obama's union allies — and his major campaign contributors — reaped reward upon reward, all on the taxpayer's dime...

    "You never want a serious crisis to go to waste," is what Rahm Emanuel, Obama's chief of staff, said as the economy went into free-fall. The auto bailout is a case study of Emanuel's maxim in operation. American taxpayers have been left on the hook for billions to benefit unions and the union bosses who contributed millions to Barack Obama's election campaign. Such a state of affairs is intolerable, and as president I would not tolerate it...

    We should not be back on a road like the one that brought us Freddie Mac and the housing crisis. It is a road with endless hazards. It is not the American way of making cars.

    The dream of the Motor City is and always has been one of ideas, innovation, enterprise, and opportunity. It started with Henry Ford and continued with visionaries like William Durant, Walter Chrysler, and the Dodge Brothers. These giants never envisioned a role for government in their business, but relied on the hard work and commitment of private individuals..."
     
  5. Brian in Oregon

    Brian in Oregon Well-Known Member

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    Let me know when Mitt apologizes to gun owners and says he regrets and is sorry for banning guns.
     
  6. John Galt

    John Galt TS Member

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    I wish I was mod so I could vote Mrs. Keet off the island.
     
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