Thursday, October 25, 2012

Romney would have let the auto industry die

I've previously debunked Republican Presidential candidate Mitt Romney's new found religion that he supported the auto industry bailout. But it occurred to me that voters may not get it that Romney opposed government loans to the auto industry and his comments that he supported post bankruptcy government guarantees might be misconstrued as essential financial support.

Let me make this clear. If GM went through Chapter 11 bankruptcy, it would have ended up being converted to a Chapter 7. That would mean liquidation. GM had trouble paying its bills. If it could not, GM would be finished. The only entity that could throw out a lifeline was the federal government. This must occur before and during the Chapter 11 bankruptcy. Chris Matthews on Hardball covered this on Tuesday. Check it out.

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