GOP Presidential candidate Mitt Romney is trailing in the polls in Michigan ahead of that state's February 28 primary, and the former Mass. Governor thinks the way to close the gap is to bash the bailout of the auto industry in 2009 that saved General Motors and Chrysler from being broken up and liquidated in bankruptcy court.
Romney's timing is tough, what with GM's setting an all-time record profit for 2011.
Polls have suggested that despite the obvious benefit from the bailout to Michigan, state residents have been divided about whether Uncle Sam should have stepped in to keep the automakers in tact.
My big beef with Romney is not that he opposes the bailout in principle (though he did support the bailout of Wall Street), but that he fictionalizes events of 2009 when GM and Chrysler went through bankruptcy. Romney asserts that the companies could have gone through a managed bankruptcy without the help of the federal government. Not true.
Perhaps a better tack for Romney would be to suggest that as long as GM is making such huge profits the company might pay back some of the loans granted it under President Bush. GM got billions before the bankruptcy that it is not required to pay back.
Read my entire column about Romney's odd take on history at HuffingtonPost Detroit.
Romney doubles down on auto bailout opposition? originally appeared on Autoblog on Sat, 18 Feb 2012 11:05:00 EST. Please see our terms for use of feeds.
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