Posted on 03/31/2009 10:16:27 AM PDT by MaestroLC
Former Massachusetts Gov. Mitt Romney (R) backed the plan for GM and Chrysler put forth yesterday by President Obama, the candidate Romney may face in the 2012 presidential election.
"I think a lot of people expected the president just to cave, write a check, and just hope for the better," Romney said Tuesday morning on CNN. "I think he's expressing some backbone on this."
Romney grew up in Michigan, where his father was governor and, at one time, chairman of a now-defunct auto company. The former 2008 presidential candidate, though, was also sure to tout his own calls for bankruptcy last year, when Chrysler and GM first approached the government seeking support.
"That's something I think he should have said months ago," Romney claimed. "There were a number of us who said bankruptcy or a bankruptcy-like process was something that was needed to get GM and Chrysler on their feet again."
Romney, who won the Michigan Republican primary during the 2008 nominating process, called for the use of the "club" of bankruptcy to force the restructuring of the state's native industry.
"If the parties want to do it voluntarily and apparently, at this stage, it's looking like they haven't been able to then you're going to have to have that kind of a club to be able to have these companies restructure their excessive costs," he asserted.
Watch a video of the interview below:
[...]
Romney was my choice in 2008 and I donated some money to him. I liked his initial response on GM and Chrysler, which was bankruptcy, with the government working WITH them, but a bankruptcy nonetheless. But since he came out agreeing with Obama on this, even just part of what Obama proposed, I’m done with him. There are true conservatives available in 2012 who will now have my support and need to be the standard bearers of a rejuvenated Republican Party.
Sadly, I must agree.
Farewell, Mitt. You had great potential.
If you would like to be added or dropped from the Michigan ping list, please freepmail me.
There wasn't much to pick from.
Mitt Romney discusses the latest with the auto industry
http://wjr.com/Article.asp?id=1248357&spid=6552
Is there no one worthy of the highest office of the land?
Mitt is off the list.
Ok, I`ll bite. So what are you for, an auto industry bailout?
Bankruptcy is the conservative solution here. Many people seem to have lost their bearings.
From Hot Air:
The Vault Gear About
Video: Obama showed some backbone on GM, says
Mitt Romney?posted at 4:30 pm on March 31, 2009 by Allahpundit
When I first saw The Hills item on this, I thought the backbone comment was a reference to The One firing GMs CEO. Not so, or at least not necessarily: Mitt never mentions Wagoners departure, leaving it ambiguous as to whether he approves or whether hes simply thinking big picture about the need for managed bankruptcy and willing to overlook an imperious gesture or two from the Oval Office on the way there. In any case, his point about Obamas supposed backbone escapes me. Whats so brave about The One demanding restructuring as a quid pro quo for federal money? The auto bailouts are political poison outside Michigan; Obama has to show the public hes getting something in return for flushing a few billion more down the toilet or else support for the whole Great Society II agenda could collapse. Wagoner was simply a sacrifice to the god of progress. Or, maybe, a stumbling block to something more ambitious:
It also means that Wagoner was perceived as an obstacle to whatever plans the administration has for GM. And thats the real source of concern. If getting these companies back on their feet is the objective, a bankruptcy judge can make a determination pretty quickly about the viability of the firms and the steps necessary to get there. But if the objective is something more grandiose, such as transforming the industry into a model of green production, government oversight and close scrutiny of operations will be necessary. CEOs must be compliant and pliant. It is worth noting that a return to profitability and the metamorphosis of the industry according to a government script work at cross purposes.
If thats what Obamas after then Romneys comparison between this and bankruptcy couldnt be more wrong. Exit question via Rich Lowry: If Wagoner had to go, why didnt UAW chief Ron Gettelfinger have to go too? No need to answer; its rhetorical, of course.
*****
Check out Romney video here if someone doesn’t believe what he had to say: http://hotair.com/archives/2009/03/31/video-obama-showed-some-backbone-on-gm-says-mitt-romney/
Suck....slurp....lick
GOP candidate backstabber Romney: Make all the promises you have to...
He's been consistent in advocating a bankruptcy process for GM & Chrysler. The only thing he praised Obama for was the fact that he is leaving bankrupcty as an option on the table.
You are taking him out of context. The "backbone" Romney is referring to is Obama's statement that he is leaving open the possibility of forcing GM & Chrysler into bankruptcy, something Romney has been advocating consistently for the last 4-5 months.
He supported no such thing. You obviously did not listen to what he had to say. The only thing he supported was Obama's willingness to put GM & Chrysler through bankruptcy, which is the conservative thing to do.
ROMNEY: Well, it's clear that just writing checks is not the answer. It really keeps the bondholders and the UAW and other stakeholders from the necessary haircuts that allow these companies to be competitive. You either have to go through a bankruptcy process, a pre-packaged bankruptcy[b] or special legislation, giving the - an entity the power to get these companies through these difficult times. Or if the parties want to do it voluntarily, great. But if they can't do that, apparently at this stage, it's looking like they haven't been able to. Then you're going to have to have that kind of a club to get these companies to be able to restructure their excessive costs.[/b]
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.