Mitt Romney Quotes

Let Detroit go Bankrupt

 
Context
This article defined one of the major issue differences between the two candidates. With the Meltdown of 2008 and the Great Recession, the 3 U. S. auto companies were in great trouble and Chrysler and General Motors were at the verge of bankruptcy as the American banking system was frozen and the auto companies were running out of cash. If the 2 went under, most of the suppliers would then fail and not even able to make parts for Ford which was in slightly better shape. More than 10 percent of ALL jobs in America were related to the auto industry. Romney advocated letting the companies fail, and go through the legal bankruptcy process, and allow all the dealerships, parts manufacturers, advertising companies, to also go under. The assets would be sold off and there might be a new structure that would not be saddled with the management mistakes of the auto industry executives who had made terrible decisions just like the banking industry. Then President George W. Bush in one of his most momentous decisions authorized a short term loan to keep the auto companies going until incoming President Obama could take office and make a final decision. Obama decided on a bailout where the top managers would be replaced, and the auto companies would if they were successful would repay the government with interest and the government would have stock to sell and get more money back—if the companies could survive and turn around. Romney, a management expert, concluded that the American auto companies could not be turned around under any circumstances and bailout taxpayer money would only be wasted. In one of the most rapid and dramatic turnarounds in business history, the auto companies not only survived but thrived. They paid back all the bailout money with interest and did that years early. Many Americans were very unhappy about the bailout as it put the government in the position of deciding what companies and industries would survive and which would not. This became one of the major campaign issues in the 2012 with each candidate attacking the other for his position on the auto industry bailouts.
Citations

Mitt Romney, Governor of Massachusetts (Republican), Republican Candidate for President, Name of Article He Wrote, 2008

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Mitt Romney
Mitt Romney
  • Born: March 12, 1947
  • Nationality: American
  • Profession: Politician

Willard Mitt Romney is an American politician and businessman who is the junior United States senator from Utah. He previously served as the 70th governor of Massachusetts from 2003 to 2007 and was the Republican Party's nominee for president of the United States in the 2012 election.

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