VIDEO – Mitt Romney was against President Obama’s auto industry bailout that saved over one million American jobs. In 2008, Romney wrote an op-ed in the New York Times titled, “Let Detroit Go Bankrupt”. In the final debate, Romney attempted to lie about his record on the auto bailout, but President Obama did not let him get away with it.
Mitt Romney was against the auto industry bailout from the start. In 2008, Romney wrote an op-ed in the New York Times titled, “Let Detroit Go Bankrupt” in which he stated that the government should not supply the industry with guaranteed loans to help it come back. Instead, he hoped the industry would go bankrupt so that workers would be laid off and their pensions would be terminated in order for the industry to beg for the money from Romney’s friends, the big private banks.
He suggested that private banks (Romney’s funders) would loan money to the auto industry after the industry gutted its commitments to its workers. But back in 2008, the private credit markets had dried up completely. No banks were loaning money at the time as they were emerging from their own collapse. Romney’s plan would not have worked and that is why the government had to step in to save the industry.
In the last debate, just weeks before the election, Romney attempted to claim he was for the auto bailout all along. This follows a pattern for Romney, he has been doing an about face on almost everything he has campaigned on in order to look like a centrist. But President Obama would not let him get away with his lie. He reminded the American people, especially the people of Michigan and Ohio, that it was he, President Obama, who had their backs when their jobs were on the line. All Mitt Romney could say was, “I like American cars”.