Quote:
Originally Posted by Robbie
But Romney didn't write that headline.
That's common knowledge.
The editor of The New York Times wrote the headline to try and grab attention. Romney NEVER said that. And his editorial piece is actually a very well thought out way to save Detroit that Obama ended up doing (minus the bailout)
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Doesn't matter. What he said does:
Quote:
The American auto industry is vital to our national interest as an employer and as a hub for manufacturing. 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 assured buyers that their warranties are not at risk.
In a managed bankruptcy, the federal government would propel newly competitive and viable automakers, rather than seal their fate with a bailout check.
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He's telling us Gm should have gone through a structured bankruptcy. So that means thousands of companies that GM owes money to would have to stand and line wait six months to a year to get paid and they would be lucky if they got thirty cents on the dollar - shoving more people in the unemployment lines.