In this week's final presidential debate, Governor Romney and President Obama had another heated exchange about the auto bailout. In response to Romney's attempt to claim credit for the rescue of the automotive industry, President Obama said, "Governor, the people in Detroit don't forget."
The President's right. We don't forget.
Mitt Romney has the nerve to argue that his plan for the industry in his now-famous New York Times op-ed piece,"Let Detroit Go Bankrupt," was the plan that the Obama administration eventually did: a managed bankruptcy.
But in that 2008 piece, Governor Romney said the money to keep GM and Chrysler alive during bankruptcy should come from the private sector, possibly with the government providing only "guarantees for post-bankruptcy financing." You know what a "guarantee" is? That the government would make good on a loan should the automakers default. But the problem was, no one was loaning!
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