auto

Mitt Romney continues to distort reality in this edition of "Mitt Romney versus Reality"

"This fantasy that the auto bailout was Romney’s idea is beyond lunacy in light of the intense criticism he leveled at the President just a couple of months ago when he said “the president tells us that without his intervention things in Detroit would be worse. I believe that without his intervention things there would be better.” In 2008, Romney said, “IF General Motors, Ford and Chrysler get the bailout that their chief executives asked for yesterday, you can kiss the American automotive industry goodbye,” and in 2012 he argued that “Obama should have let the free market work and allowed GM and Chrysler to go through a managed bankruptcy” which is what he now claims the President did with the bailout that is not remotely what a managed bankruptcy entails. A managed bankruptcy is more akin to a Chapter 11 bankruptcy that involves reorganization of a debtor’s business affairs and assets but it does not include a bailout by the government that Romney assailed as “crony capitalism on a grand scale.”