On the subject of the auto industry bailout, Mitt Romney said it was President Bush who started writing checks to save the auto industry and that he disagreed with that. Romney said that he would have had the car companies go through a managed bankruptcy with government help if necessary.
“Of course not,” Romney said of suggestions that he would have liquidated the auto industry. “That’s the height of silliness.”
Romney said “I like American cars” and mentioned that he is a “son of Detroit.”
Here’s the exchange, from the rush transcript:
Romney: “The president mentioned the auto industry and somehow I would be in favor of jobs being elsewhere. Nothing is further from the truth. I’m a son of Detroit. I was born in Detroit. My dad was head of a car company. I like American cars. I would do nothing to hurt the U.S. auto industry. My plan to get the industry on its feet when it was in real trouble was not to start writing checks. It was President Bush that wrote the first checks. I disagree with that. Companies needed a managed bankruptcy, and in that process, they could get government help and guarantees, but go through bankruptcy to get rid of excess cost and debt burden built up.
Obama: Gov. Romney, that’s not what you said.
Romney: Look at the op-eds.
Obama: You did not say you would provide government help.
Romney: Provide guarantees to allow the companies to come out of bankruptcy. Under no circumstances would i do to help the industry get on its feet, and the idea is suggested that I would liquidate the industry. Of course not. That’s the height of silliness.
Obama: Governor, let’s check the record. The people of Detroit don’t forget.
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