Quote:
Originally Posted by Robbie
Yep, because Romney said that the car makers needed to go through a structured bankruptcy.
And then Obama did just THAT as I pointed out one post above yours.
It's common knowledge and yet people are pretending it didn't happen.
Obama took both GM and Chrysler and did EXACTLY what Romney mapped out in his op ed piece.
The headline for that piece was written by a liberal NY Times editor who wanted to grab attention to the piece with a sensational headline.
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Except that the credit markets were frozen which means they couldn't have done a structured bankruptcy without a much needed lifeline.
As the WP fact check I linked to stated Romney's plan wouldn't have worked because there was no credit for the car companies to obtain to see them through restructuring.
You can only do a bankruptcy like that when there are creditors willing to back you up.
Romney said he wanted one thing but the way he said to go about it likely would have resulted in liquidation.