Source: Alexander Burns / Politico
President Obama has made the 2009 auto bailouts a central part of his reelection message, calling the automobile industry’s turnaround an example of tough choices made well, with real, positive economic consequences for the country. Mitt Romney uses a Detroit News op-ed today to argue the opposite, writing that “all the defects in President Obama’s management of the American economy are evident in what he did” with the automakers:
Instead of doing the right thing and standing up to union bosses, Obama rewarded them.
A labor union that had contributed millions to Democrats and his election campaign was granted an ownership share of Chrysler and a major stake in GM, two flagships of the industry.The U.S. Department of Treasury — American taxpayers — was asked to become a majority stockholder of GM. And a politically connected and ethically challenged Obama-campaign contributor, the financier Steven Rattner, was asked to preside over all this as auto czar.
This was crony capitalism on a grand scale. 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.
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