Romney vs. Obama Bailout Fact Check, Who Lied?
The most venomous interaction of the third Presidential debate was not on the topic of foreign policy, but on the GM bailout. President Obama argued that Mitt Romney wanted no government interaction and constantly called for the media and the public to "look it up."
Well, some people have looked it up, and you can too, because all of what Mitt Romney argued for is written in an article titled "Let Detroit Go Bankrupt" which was published in The New York Times in 2008. The title was not Romney's choice, but the rest of the article is authored by Romney.
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.
Well, although Obama's slip was missed by most of the fact checkers after the show. You can read for yourself and see what you think. Here's what David Letterman thought.