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Aide Says Auto Bailout was Romney's Idea

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TheDemSocialist

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Romney adviser Eric Fehrnstrom said that President Obama's decision to bailout Chrysler and General Motors was actually Romney's idea, The Hill reports.

Said Fehrnstrom: "His position on the bailout was exactly what President Obama followed. I know it infuriates them to hear that. The only economic success that President Obama has had is because he followed Mitt Romney's advice."

The claim appears to be a shift from Mitt Romney's November 2008 op-ed in the New York Times, headlined, "Let Detroit go bankrupt."
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Source @: Aide Says Auto Bailout was Romney's Idea

Each day is a new fancy idea in this mans mind. Is this man ****ing insane?

Thoughts?
Comments?
Response?
 
The only thing I could possible think of to rationalize this response would be that Romney Op-Ed called for a normal "bankruptcy process" and that the Auto Bailouts were somewhat(?) like a bankruptcy process (minus the union busting), so Romney basically had the idea for the bailouts.

....:doh


That's the best I've got. The real answer is that Romney's aide probably caught Romneyitis, where you forget what position you had before your position to forgot what you forget.
 
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TheDemSocialist said:
Source @: [/FONT][/COLOR]Aide Says Auto Bailout was Romney's Idea

Each day is a new fancy idea in this mans mind. Is this man ****ing insane?

Thoughts?
Comments?
Response?
Click to expand...

As much as he changes his opinions, it's safe to say that letting them go bankrupt and bailing them out were both his ideas. He took two positions as a hedge, so either way he'll look right.
 
Nick2253 said:
The only thing I could possible think of to rationalize this response would be that Romney Op-Ed called for a normal "bankruptcy process" and that the Auto Bailouts were somewhat(?) like a bankruptcy process (minus the union busting), so Romney basically had the idea for the bailouts.

....:doh


That's the best I've got. The real answer is that Romney's aide probably caught Romneyitis, where you forget what position you had before your position to forgot what you forget.
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I saw Romney on Larry King Live stating he was against the auto bailout, but for bailing out the banks. I have never seen him explicitly argue for bailing out the auto companies, unless I missed something...
 
SheWolf said:
I saw Romney on Larry King Live stating he was against the auto bailout, but for bailing out the banks. I have never seen him explicitly argue for bailing out the auto companies, unless I missed something...
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From a certain point of view, the Auto Bailout wasn't a bailout at all, but a structured reorganization of the company with outside investor capital. In other words, the United States basically traded large amounts of capital for stock and temporary control of the companies (similar to a normal bankruptcy restructuring). The big difference is that in normal bankruptcy proceedings, certain regulations are eased on the bankrupt company to incentivize outside investment (like Bain Capital) to reorganize and make profitable the company. Amazingly, the US was actually successful at doing this to the auto makers. However, the US infused way more capital than private sector firms would have done for what we got out of it. In order to turn a profit for the taxpayers, GM's stock will have to increase leaps and bounds above where it is now, and that break-even point is still above most investors optimistic target price for GM.
 
TheDemSocialist said:
Source @: [/FONT][/COLOR]Aide Says Auto Bailout was Romney's Idea

Each day is a new fancy idea in this mans mind. Is this man ****ing insane?

Thoughts?
Comments?
Response?
Click to expand...

Yes and No. What GM and Chrysler did, did in fact have many of Romney's suggestions. But those would have occurred regardless of what Romney said simply due to the necessary changes that Detroit had to undergo. Remember that Ford did much of the same. Claiming the bailout was his idea is basically saying that people who were calling for the same treatment didn't exist before Romney opening his mouth. The idea of moving the Union Legacy costs to a new independent entity has been floating around for years. Hell, GM tried to get that done in every major negotiation. Romney just repeated ideas that were out there long before he opened his mouth.

What Romney is 100% full of **** on is the idea that they could have gotten financing for such prepackaged bankruptcies in 2008~2010. Banks wouldn't even lend each other $500,000 to make reserve requirements overnight. The crazy idea that they'd lend a manufacturer $50 billion who had serious union problems and massive legacy costs is completely ridiculous. As a finance guy, Romney absolutely must have known this. Which makes him a completely dishonest POS. He knew his plan had absolutely no chance of occurring and now he's saying he was the original source.

Romney is no more the origination source any more than the myriad of ideas that were implemented but existed before the bankruptcy.
 
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