View Poll Results: Does Romney deserve credit for the auto-bailout?

Voters
15. You may not vote on this poll
  • Yes

    0 0%
  • No

    15 100.00%
  • Maybe

    0 0%
Page 1 of 3 123 LastLast
Results 1 to 10 of 22

Thread: Conservative Poll: Does Romney deserve credit for the auto-bailout?

  1. #1
    Sage
    Hatuey's Avatar
    Join Date
    Oct 2006
    Last Seen
    Today @ 06:22 PM
    Gender
    Lean
    Moderate
    Posts
    42,019

    Conservative Poll: Does Romney deserve credit for the auto-bailout?

    In light of the new comments made by Romney, I thought it would be interesting to ask Conservatives if Romney deserves credit for the new revitalization seen in the Detroit auto industry.

    http://www.forbes.com/sites/michelin...lout-say-what/

    In the television interview, however, Romney takes his role further than just proposing an idea. Here’s what he said:

    “ My own view, by the way, was that the auto companies needed to go through bankruptcy before government help. And frankly, that’s finally what the president did. He finally took them through bankruptcy. That was the right course I argued for from the very beginning. It was the UAW and the president that delayed the idea of bankruptcy. I pushed the idea of a managed bankruptcy and finally when that was done, and help was given, the companies got back on their feet. So I’ll take a lot of credit for the fact that this industry’s come back.”

    But where was Romney when the actual work was taking place on the bailout? As far as I could tell at the time, when I was reporting on the story on a daily basis for The Times, he was not involved in any visible way, beyond speaking about it.

    There were Republican players who took part in the discussions, including Tenn. Sen. Robert Corker, who insisted that UAW members’ compensation be adjusted to reflect that of transplant auto workers, such as those he represented. Michigan’s former Republican governor, John Engler, now president of The Business Roundtable, did his best to round up support on Capitol Hill, before a Congressional bailout died in the Senate.

    And of course, President George W. Bush got things rolling with the first assistance to the car companies, which kicked in just before Barack Obama took office and moved the ball further down the field.
    It seems that the people who had a role in this were President Bush and later President Obama. So why is Romney giving himself credit for bringing the auto-industry back up after suggesting they should be allowed to fail?
    Last edited by Hatuey; 05-08-12 at 03:37 PM.
    I refuse to accept the view that mankind is so tragically bound to the starless midnight of racism and war that the bright daybreak of peace and brotherhood can never become a reality. - MLK

  2. #2
    Global Moderator
    Truth will set you free
    digsbe's Avatar
    Join Date
    May 2009
    Location
    Metro Washington DC
    Last Seen
    Today @ 08:00 PM
    Gender
    Lean
    Other
    Posts
    18,956

    Re: Conservative Poll: Does Romney deserve credit for the auto-bailout?

    Romney is a retired governor, not a senator/congressman. What did you expect him to do?
    When the debate is lost, slander becomes the tool of the loser. -Socrates
    Tired of elections being between the lesser of two evils.

  3. #3
    Advisor Nick2253's Avatar
    Join Date
    Oct 2011
    Location
    SF Bay Area, CA
    Last Seen
    05-15-12 @ 10:14 PM
    Gender
    Lean
    Libertarian - Right
    Posts
    321

    Re: Conservative Poll: Does Romney deserve credit for the auto-bailout?

    Quote Originally Posted by Hatuey View Post
    In light of the new comments made by Romney, I thought it would be interesting to ask Conservatives if Romney deserves credit for the new revitalization seen in the Detroit auto industry.

    Mitt Romney Takes Credit For The Auto Bailout. Say, What? - Forbes

    It seems that the people who had a role in this were President Bush and later President Obama. So why is Romney giving himself credit for bringing the auto-industry back up after suggesting they should be allowed to fail?
    To clarify, Romney never suggested that the auto-industry should fail. He suggested it should go bankrupt. That's a huge distinction. And if you look at the process that Romney described in his Op-Ed, the government actually followed a lot of what he said.

    However, I don't believe that Romney deserves any credit. It's like saying "I wrote this story on my blog, and then people happened to do what I said, so I should get credit." The path that Romney described was pretty much understood to be the only way to "save" the auto industry, but the problem was the availability of private capital willing to invest in GM and Chrysler. That's why the government stepped in.

  4. #4
    Sage
    Hatuey's Avatar
    Join Date
    Oct 2006
    Last Seen
    Today @ 06:22 PM
    Gender
    Lean
    Moderate
    Posts
    42,019

    Re: Conservative Poll: Does Romney deserve credit for the auto-bailout?

    Quote Originally Posted by Nick2253 View Post
    To clarify, Romney never suggested that the auto-industry should fail. He suggested it should go bankrupt. That's a huge distinction. And if you look at the process that Romney described in his Op-Ed, the government actually followed a lot of what he said.
    What is the difference between allowing a company to fail and allowing a company to go bankrupt? I´m dying to hear this.
    I refuse to accept the view that mankind is so tragically bound to the starless midnight of racism and war that the bright daybreak of peace and brotherhood can never become a reality. - MLK

  5. #5
    Sage
    lpast's Avatar
    Join Date
    Mar 2011
    Location
    Fla
    Last Seen
    05-21-16 @ 10:12 PM
    Gender
    Lean
    Independent
    Posts
    13,565

    Re: Conservative Poll: Does Romney deserve credit for the auto-bailout?

    hell no he doesnt...

  6. #6
    Advisor Nick2253's Avatar
    Join Date
    Oct 2011
    Location
    SF Bay Area, CA
    Last Seen
    05-15-12 @ 10:14 PM
    Gender
    Lean
    Libertarian - Right
    Posts
    321

    Re: Conservative Poll: Does Romney deserve credit for the auto-bailout?

    Quote Originally Posted by Hatuey View Post
    What is the difference between allowing a company to fail and allowing a company to go bankrupt? I´m dying to hear this.
    I'll do my best to summarize the differences here, but you really need to read up on what bankruptcy is if you don't see the distinction.

    A company failing is simply that company ceasing to exist. I mean, there are a number of ways for a company to fail, but that's completely different from bankruptcy.

    Bankruptcy is simply a way for a company to restructure their debt when they are unable to make payments. Look at the airlines after 2001. Every major airline in the US went bankrupt. And every major airline is still around. This exactly was the auto-industry's problem: they had accumulated too much debt, and were unable to make payments on that debt because of lack of revenue. Bankruptcy is a government protection that allows a company (or more generally an entity, like a person or an estate) to negotiate with their debtors to restructure the debts owed, in such a way that the company can eventually reach solvency again. Sometimes, it is not possible for an insolvent company to become solvent again, and so bankruptcy ends with the company being disbanded and its assets sold to recoup debt.

    In many cases where a company becomes insolvent and then goes bankrupt, a third party investor decides to purchase stock of a company (usually with the condition of running the company), in order to infuse the company with capital. With this capital, and the new management from the third party investor, the company can be reformed, becoming solvent and once again able to pay down its debts. Firms like Bain Capital make a living doing this.

    In the case of GM and Chrysler, this is exactly what happened: the government, acting as a third party investor, purchased shares of GM and Chrysler (after they declared what amounted to bankruptcy) in order to infuse capital into the companies and get them running again. Two major things were different in this case then if a firm like Bain Capital had acted as the debtor in possession: 1. Many loosened regulation of bankruptcy, like breaking up unions, were not enacted, and 2. the government bought shares of GM and Chrysler way above their fair market values (most investors reasonable high for the stock is well below what we'd need to break even).

    Other than those two details, the motions that the government and GM/Chrysler went through look exactly like debtor in possession bankruptcy.

  7. #7
    Pontificator
    iliveonramen's Avatar
    Join Date
    Sep 2011
    Location
    On a Gravy Train with Biscuit Wheels
    Last Seen
    Today @ 05:30 PM
    Gender
    Lean
    Very Liberal
    Posts
    9,158

    Re: Conservative Poll: Does Romney deserve credit for the auto-bailout?

    It seems that the people who had a role in this were President Bush and later President Obama. So why is Romney giving himself credit for bringing the auto-industry back up after suggesting they should be allowed to fail?
    Because it worked...because a lot of people in midwest swing states have a job because the government stepped in. Because yesterdays "radicalism" generally seems to be today's common sense approach.
    “Capitalism is the astounding belief that the most wickedest of men will do the most wickedest of things for the greatest good of everyone.” John Maynard Keynes

  8. #8
    Sage
    Navy Pride's Avatar
    Join Date
    Jul 2005
    Location
    Pacific NW
    Last Seen
    05-07-15 @ 02:01 PM
    Gender
    Lean
    Very Conservative
    Posts
    39,883

    Re: Conservative Poll: Does Romney deserve credit for the auto-bailout?

    No and unlike Hussein Obama he would never try and take credit for it.
    "God Bless Our Troops in Harms Way."

  9. #9
    Gone

    Join Date
    Sep 2005
    Last Seen
    10-16-16 @ 03:15 PM
    Lean
    Undisclosed
    Posts
    8,585

    Re: Conservative Poll: Does Romney deserve credit for the auto-bailout?

    Quote Originally Posted by Navy Pride View Post
    No and unlike Hussein Obama he would never try and take credit for it.
    Oh IC....so a Man who accomplished something pretty damn cool, should be all contrite....yet the man who opposed the possibility of said accomplishment, should be allowed to take credit?

    Get a freakin" clue....this makes no sense even in alternate realities.

  10. #10
    Educator AreteCourage's Avatar
    Join Date
    Apr 2012
    Last Seen
    08-30-13 @ 12:34 PM
    Gender
    Lean
    Libertarian
    Posts
    790

    Re: Conservative Poll: Does Romney deserve credit for the auto-bailout?

    Mitt Romney did absolutely nothing other then flip flop his opinions on this issue.

    Libertarian and Atheist...wow I'm a hated man.

Page 1 of 3 123 LastLast

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •