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Obama During Debate: ‘People Will Look It Up.’ They Did, Big Time.

by David Badash on October 23, 2012

in News,Politics

Post image for Obama During Debate: ‘People Will Look It Up.’ They Did, Big Time.


Last night during the presidential debate President Barack Obama and Mitt Romney got into a bit of a verbal scuffle over Mitt Romney’s false claim that he did not say the auto industry should go bankrupt.

Here’s the transcript:

PRESIDENT OBAMA: You’ve held the floor for a while. The — look, I think anybody out there can check the record. Governor Romney, you keep on trying to, you know, airbrush history here.

You were very clear that you would not provide government assistance to the U.S. auto companies even if they went through bankruptcy. You said that they could get it in the private marketplace. That wasn’t true. They would have gone through a —

MR. ROMNEY: You’re wrong. You’re wrong, Mr. President.

PRESIDENT OBAMA: I — no, I am not wrong.

MR. ROMNEY: You’re wrong.

PRESIDENT OBAMA: I am not wrong. And —

MR. ROMNEY: People can look it up. You’re right.

PRESIDENT OBAMA: People will look it up.

MR. ROMNEY: Good.

The fact is that Mitt Romney did say the auto industry should go bankrupt, in a New York Times op-ed, “Let Detroit Go Bankrupt.”

Bottom line of the op-ed is Romney’s position was to let auto companies go bankrupt, and the federal government might step in only to guarantee private loans that the auto companies would get.

It was impossible for the auto companies to get credit — that’s a fact.

And people did look it up — during the debate, as Google notes in the image, above.

 

 

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{ 3 comments }

dlampo October 23, 2012 at 4:18 pm

Government guarantees are not government assistance? of course they are. Ford didn't get a bailout. The foreign car companies who build their cars here didn't get a bailout. All the bailout did was subsidize the unions and the Ford company at the expense of the taxpayers and other car companies, which would have absorbed many of the laid off workers, if it had come to that. It's funny, liberals are always screaming about corporate welfare, but it's usually they who advocate it.

akismet-71aecb1ecf81e769f0cf14906b5f0a37 October 23, 2012 at 4:49 pm

Apparently you would be better served to quote rather than give "the bottom line".

Romney wrote:

"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 a managed bankruptcy, the federal government would propel newly competitive and viable automakers, rather than seal their fate with a bailout check."

Bankruptcy wasn't the point, Obama said: "You were very clear that you would not provide government assistance to the U.S. auto companies even if they went through bankruptcy."

How is "government should provide guarantees for post-bankruptcy financing" VERY clear for not providing assistance?

Reading the source material is key.

benistheguy October 24, 2012 at 9:04 am

Just wanted to point out that GM and Chrysler did go through bankruptcy, it was just a process different from the one followed by bankruptcy courts everywhere, it was made up by Obama and staff on the fly, so it's really dishonest to imply that Obama saved them from bankruptcy. The difference is that Romney would have followed established legal procedures which would not have literally stolen the companies from their creditors to give to the UAW.

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