Obama: I "refused to let Detroit go bankrupt"

President Obama on Saturday painted a strong contrast between his record on the auto bailout with that of his presidential rival Mitt Romney, touting his own refusal to "let Detroit go bankrupt."

In his pre-taped weekly address Mr. Obama, referencing a 2008 op-ed in which Romney argued against bailing out the auto industry (entitled "Let Detroit Go Bankrupt"), outlined his administration's efforts to save the industry upon being elected.

"Just a few years ago, the auto industry wasn't just struggling - it was flatlining," Mr. Obama said. "GM and Chrysler were on the verge of collapse. Suppliers and distributors were at risk of going under. More than a million jobs across the country were on the line - and not just auto jobs, but the jobs of teachers, small business owners, and everyone in communities that depend on this great American industry."

His administration, he argues, "refused to throw in the towel and do nothing. We refused to let Detroit go bankrupt. We bet on American workers and American ingenuity, and three years later, that bet is paying off in a big way."

The president also touted recent technological advancements in the auto industry, promising that new cars and trucks are "going to save you more money at the pump."

In the weekly Republican address, Oklahoma Republican Congressional candidate Markwayne Mullin touted his experience turning around a small business, and blasted the Obama administration for what he cast as "excessive and unnecessary regulations."

"We need to get government out of the way," he said. ""Mitt Romney gets it; he's made supporting small businesses a key plank of his jobs plan."

[JV1970]

Obama may have saved Detroit but he obviously doesn't care what happens to the postal service! He isn't doing a thing that I know of to help them!

The US Postal Service has been in trouble for several years but no one in Washington seems to care what happens to the postal jobs!

I know that the world mostly uses emails and texts now for communication, and paper letters will soon be obsolete and things of the past, but the USPS is one of the largest employers in the country!

They also don't seem to care what will happen to us if the postal service fails!

[GOP-R--Con-Men]

Dear Fellow Americans,

It is much easier to destroy something than to repair/restore it.

Republicans along with Bush/Cheney destroyed the country and looted our treasury. They block legislation to make corporations, big oil, big pharma and the super rich pay their fair share to restore revenue. They want you to replace President Obama with Romney as they continue fight and block anything to help struggling Americans and revive the economy.

Republican behavior is nothing short of treasonous including their bogus voter I.D. laws designed to strip voters including longtime voters of their right to vote by making it unreasonably difficult to obtain the added paperwork new I.D. laws require to vote. That alone is reason enough not to vote for the republican party which has thrown our constitution in the trash. In fact republicans have more allegiance to the GOP and Grover Norquist than our constitution. They must not be rewarded for using their public office to destroy our great nation, American way of life and the social safety net.

[Blufem]

I can see Obama was pretty quiet on the constitution the other night, thought he was a constitutional law professor somewhere

Please don't forget that all spending measures come from House of Reps, that's in constitution

And it amazes me at how quick everyone forgets Democrats controlled both houses 2006-2010.

[todaymessage]

the outsourcing started with Reagon trackle down voodoo, the union did not help themself and kept making bad moves. It was perfect storm for GM and us auto to go belly up. Romney was right, GM should declare bankrupt in classical business sense. Bush and Obama did bail GM out. No matter how much spin both side made, it is hard to change history.

[Blufem]

well you're doing a pretty good job of trying to change history

Reagan was president from 1981-1989

Outsourcing started at least before 1971, read last line

Indian Reservation

Artists: Paul Revere and the Raiders (peak Billboard position # 1 in 1971)
Words and Music by John D. Loudermilk


They took the whole Cherokee nation
Put us on this reservation
Took away our ways of life
The tomahawk and the bow and knife
Took away our native tongue
And taught their English to our young
And all the beads we made by hand
Are nowadays made in Japan

[takacrat]

Detroit would not have went under, the Bid Yellow Unions would have!!

[hypnotoad72]

Neither did Bush:

http://money.cnn.com/2008/12/19/news/companies/auto_crisis/index.htm

[zebra62]

With Obama's help GM did go bankrupt and Chrysler is now an Italian company. People fail to realize, while listening to his rhetoric, that there are 9 or 10 other auto manufacturing companies making cars in the USA that could have picked up most of the slack without GM. People fail to research the fact that in 2007 there were less than a million auto jobs in the USA including all 10 companies and their suppliers. People don't realize that GM did go through bankruptcy with Obama's plan. People don't realize that much of the money that went to GM went to factories outside of our borders. And people don't realize that, without Obama's help, GM would have gone through bankruptcy proceedings and would have reorganized anyway avoiding the despicable government ownership result and the unimaginable Union ownership result. And lastly, without government subsidies today, GM's financial performance would be questionable.

[CreedenceLeonoreGielgud]

This is a joke, right?

[bbglow]

@Z...BRA... Hello, Rep. Ryan is that you ...?

[JV1970]

Obama may have saved Detroit but he obviously doesn't care what happens to the postal service! He isn't doing a thing that I know of to help them!

The US Postal Service has been in trouble for several years but no one in Washington seems to care what happens to the postal jobs!

I know that the world mostly uses emails and texts now for communication, and paper letters will soon be obsolete and things of the past, but the USPS is one of the largest employers in the country!

They also don't seem to care what will happen to us if the postal service fails!

[retmw1]

But you on the right hate postal and autoworkers workers, they make to much are lazy ect. ect. Those on the right would love to see the USPS fail as they wanted to see GM and Chrysler go out of business, that way all thse postal and autoworkers workers that the right hates would lose they're jobs.

[JM68]

RETMW1 what is this "right" you speak of?

[Souptwins]

But Obama sure doesn't mind having the US go bankrupt partially due to "saving" the UAW. BTW-- they DID go through a controlled bankruptcy but it was just on taxpayer's money.

[bbglow]

Why do you hate the American worker ??? you allow foreign competition and just about every foreign manufacturer is subsidized in some way by their government.

Enjoy that BMW and your misguided foreign bias ...

[bbglow]

The managed bankruptcy Gov. Romney was proposing was supposed private sector controlled. The amount involved would have produced no takers which most likely would have resulted in liquidation. Bain Capital was licking their chops.

[ppaulville]

An organized bankruptcy would have had virtually the same effect as a bailout, except taxpayer funds wouldn't have been placed at risk, nor would the government have a say in the operation of a company, which it regulates, btw. And the government wouldn't have been placed in the position to screw over GM's bondholders or brown-nose unions, nor would it be stuck with billions worth of low-worth stock.

[bbglow]

The managed bankruptcy Gov. Romney was proposing was supposed private sector controlled. The amount involved would have produced no takers which most likely would have resulted in liquidation. Bain Capital was licking their chops. "Tired of all the facts not being reported." So are WE ...

Tired of political distortion. So are WE ...

And, over a million auto industry jobs most likely would have been lost.

[bbglow]

Chrysler on 60 minutes:

Steve Kroft: What do you think of American workers?
Marchionne: I think the world of American workers. What happened here at Chrysler would have been impossible without the commitment that they've shown. Absolutely impossible.

Steve Kroft: Were they on the management fast track?
Sergio Marchionne: No. Some of these people were buried inside an incredibly hierarchical organization that, you know, all pointed to the top. This place was run by a chairman's office.
...

Sergio Marchionne: That's the Tower, right?
Steve Kroft: Uh-huh (affirm).
Sergio Marchionne: And the chairman's office is the top floor. It's empty now. We use it as a tourist trap. We bring people up there.
Steve Kroft: Why did you leave?
Sergio Marchionne: Because nothing happens there.

Steve Kroft: Republicans said that this was a campaign commercial for President Obama. A payback. Did you anticipate that criticism?
Sergio Marchionne: Just to rectify the record here, I paid back the loans and 19.7 percent interest. I don't think that I committed to do a commercial on top of that. I thought that the Republicans' reactions to this was unnecessary and out of place.
Steve Kroft: That's very restrained from you-- for you.
Sergio Marchionne: It is. I'm on camera. You put me here. You turn these things off, I'll give you my own assessment.

~~~ Wake up republicans, your crap smack is over.

[Ben37221]

Thanks to Obama for stepping up and saving the auto industry. Romney wanted detroit to go bankrupt.
Not only that, Romney outsource American jobs to China. Romney and his friends help destroy the economy, now he want us to reward him for shipping American jobs to China?

[logictoo]

Romney wanted to see a structured bankrupt.

[bbglow]

The managed bankruptcy Gov. Romney was proposing was supposed private sector controlled. The amount involved would have produced no takers which most likely would have resulted in liquidation. Bain Capital was licking their chops.