Romney on video--no bailout for auto ind.-managed bankruptcy better approach.

[oreo]

The auto bailout, put in motion by former President George W. Bush and continued by President Barack Obama, is now widely viewed as a success. Michigan Democrats have seized on the issue as a potential vulnerability for Romney in a state hard hit by the economic downturn.

On Wednesday Romney - who was born in Detroit and whose father was later the Michigan governor - said the president had eventually come around to his suggestion that a managed bankruptcy was the best solution for Detroit's auto manufacturers.

"The president finally came around to my own view that Detroit needed to go through managed bankruptcy, the auto companies needed to go through managed bankruptcy to shed their excess costs," Romney said during a business roundtable before his rally. "And it took him six months to get there but he got to the same place that I had suggested."

But the former Massachusetts governor accused Obama of "crony capitalism" and said the president had bowed to the United Auto Workers in the deal. Romney has said he would not have poured federal money into a bailout.

"He got hundreds of millions of dollars from labor bosses for his campaign, and so he's paying them back in every way he knows how," Romney said. "One way, of course, was giving General Motors and Chrysler to the UAW."

He also responded to criticism from UAW President Bob King, who has said Romney "turned his back" on the auto industry.

"I'm sorry Mr. King, I care very deeply about the auto industry. I want to make sure we have good jobs not just for a few weeks, but for many, many years," Romney said. "I've taken on union bosses before, and I'm happy to take them on again, because I happen to believe that you can protect the interests of American taxpayers, and you can protect a great industry like automobiles without having to give in to the UAW. And I sure won't."

Romney defends position on Detroit bailout – CNN Political Ticker - CNN.com Blogs

And again in the below video--you will see Romney explain that we do not use taxpayer dollars to bail-out all the Airlines that continually go bankrupt--instead they survive just fine with a managed bankruptcy which he wanted to do with the Auto Industry. This video of course--was NOT CUT or--EDITED by the left wing media, or the Obama reelection campaign committee for their new ad.


[ame=http://www.youtube.com/watch?v=wFrEIBHK2Jw]Romney, Santorum spar over auto bailout records - YouTube[/ame]

This discussion was all done in the GOP debate in Arizona February 2012. Now the Obama campaign is going NUTS with Romney over this--with a new Obama campaign ad--suggesting that Obama did it all--by bailing the auto industry out with billions of taxpayer dollars--and Mitt Romney would have just let them sink into oblivion. NOT TRUE. This is how the auto industry turned around and it was exactly as Romney suggested they do in the above video.

Not due to any help from the Obama administration. New management at GM has made it clear that politicians will stay out of the car business. GM renegotiated its deal with labor to bring employee salaries in line with its competitors. This new labor agreement with the United Auto Workers union maintains a low, break-even level and gives employees a direct stake in company's performance. If the company doesn't do well, people don't make as much! Gone are automatic, built-in incentives for employees or overly generous retirement packages.

Ken Blackwell: Auto Industry Turn-Around Is a Two-Party Success

So our constant campaigner President is at it again--claiming credit for throwing billions of dollars at the auto industry--in which it had nothing to do with turning it around.