Presidential Debate – Barack Obama’s Lie on Romney and Auto Bailout

When Obama opened up with his usual talking points on the GM Auto bailout and where Mitt Romney stood, what he “allegedly said”, Romney was finally offered an opening to state what he FACTUALLY said. One could tell, as it was blatantly obvious that Obama was dreading Romney clarifying the Obama lie; the constant interrupting of Romney by Obama was proof positive Obama was worried about the truth coming out.

Ironically the op-ed piece was via the NYTIMES, ergo it is not as though one could accuse a “right wing source” of covering up for Romney; no, the November 18, 2008 NYTIMES piece is easily Googled and in black-and-white.

Actual quote from Romney’s article ” A managed bankruptcy may be the only path to the fundamental restructuring the industry needs. It would permit the companies to shed excess labor, pension and real estate costs. The federal government should provide guarantees for post-bankruptcy financing and assure car buyers that their warranties are not at risk. “

What do other Fact Checkers Say?:

“Romney Is Correct In That He Called For A ‘Managed Bankruptcy.’” “Although ‘bankrupt’ often conjures up images of liquidation, Romney is correct in that he called for a ‘managed bankruptcy.’ This is a process in which the company uses the bankruptcy code to discharge its debts, but emerges from the process a leaner, less leveraged company. Ultimately, along with getting nearly $80 billion in loans and other assistance from the Bush and Obama administrations, GM and Chrysler did go through a managed bankruptcy.” (Glenn Kessler, “Fact Check: The Auto Industry Bailout,” The Washington Post, 10/22/12)

THE FACTS: Time’s Michael Scherer: “Obama is wrong. Romney supported guarantees in bankruptcy. ‘The federal government should provide guarantees for post-bankruptcy financing’” (Michael Scherer, Twitter Feed, 10/22/12)

THE FACTS: Romney Argued “The Federal Government Should Provide Guarantees For Post-Bankruptcy Financing And Assure Car Buyers That Their Warranties Are Not At Risk. So At Least On That Point, Again, Romney Seems To Have Had The Record Straight.” FOX NEWS’ CHRIS WALLACE: “Finally, very briefly on the auto bailout, in an editorial that Romney wrote in November of 2008, which had the headline he didn’t write it, let Detroit go bankrupt. He did argue for bankruptcy, a managed bankruptcy but at the end he said: the federal government should provide guarantees for post-bankruptcy financing and assure car buyers that their warranties are not at risk. So at least on that point, again, Romney seems to have had the record straight.” (Fox News, 10/22/12)

THE FACTS: FactCheck.org: “Obama says Romney wouldn’t have provide any gov’t assistance for automakers. But Romney did propose loan guarantees.” (FactCheck.org, Twitter Feed, 10/22/12)

THE FACTS: CNBC’s Scott Cohn: “Mitt Romney Did Not Write In That 2008 Op-Ed That He Wanted To Liquidate The Auto Industry. He Did Say He Wanted It Restructured Through Bankruptcy.” CNBC’s SCOTT COHN: “Well, Mitt Romney did not write in that 2008 op-ed that he wanted to liquidate the auto industry. He did say he wanted it restructured through bankruptcy with government guarantees after bankruptcy. That is a key difference from what happened, with the government providing financing for bankruptcy.” (CNBC, 10/22/12)

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3 responses to “Presidential Debate – Barack Obama’s Lie on Romney and Auto Bailout

  • Mike

    Also on factcheck.org:
    During the second presidential debate, Romney falsely claimed that Obama implemented “precisely” what he recommended. But there was a significant difference. Obama provided direct federal aid — federal loans and equity investments — that the Detroit News called “extraordinary” and essential to the industry’s successful turnaround.

  • Mike

    I can’t fond this quote on factcheck.org, do you have the link?

    • Mike

      Whoops, this quote..,
      “THE FACTS: FactCheck.org: “Obama says Romney wouldn’t have provide any gov’t assistance for automakers. But Romney did propose loan guarantees.” (FactCheck.org,”

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