Republican candidates condemn auto bailout

Just six days before Michigan primary voters head to the polls, the four remaining presidential candidates lambasted the decisions of President George W. Bush and President Obama to use taxpayer money to help the auto industry based there.

At a CNN-sponsored debate in Mesa, Arizona, former Massachusetts governor Mitt Romney used the opportunity to clarify and defend an op-ed he wrote in 2008 entitled "Let Detroit Go Bankrupt."

Romney repeated his explanation that he wanted a so-called managed bankruptcy that would let the company restructure itself, a move the Obama administration took in 2009, but said he he did not want to use taxpayer funds to support that process.

"I wrote an op-ed in the paper and I said, absolutely not. Do not write a check for $50 billion," Romney said.

The bailout, which was opposed by many outside of the industry, is popular in Michigan, and some analysts have claimed more than 1 million jobs were saved with the roughly $80 billion spent to help General Motors and Chrysler.

Michigan's Republican Governor Rick Snyder, who endorsed Romney ahead of Tuesday's primary, supported the bailout.

Santorum, who also opposed the auto bailout, used his time to hit Romney for supporting a Wall Street bailout, which Santorum said he opposed.

"I believe in markets, not just when they're convenient for me," Santorum said, taking a jab at Romney, who made his fortune as a private equity manager at Bain Capital.

More from the debate:

Santorum fights charges he's a "fake" conservative
Republican candidates spar over congressional spending
GOP candidates blast Obama for birth control ruling

Romney hit back, arguing that letting the big banks go would have undermined the entire banking system and taken down the U.S. economy.

"Like President Bush at the time, I was concerned that if we didn't do something, there were some pretty high risks that not just Wall Street banks, but all banks would collapse," Romney said.

Speaker Newt Gingrich said the money given to help the auto industry was a bailout of the United Auto Workers union.

[Need_A_Change]

I've been in the auto industry for 12 years now and am tired of seeing the bloated salaries and the "We're bigger and better then you" attitude. I've worked directly with the UAW for the last 11 years and I have to say, I was and am still against the bailout that took place.

Run a business well and it will do well. Run it bad and the government will give you money so you can keep your 90k salary for cranking bolts on a bumper, watching a flat screen on the assembly line and having your flask in your back pocket. (Not outrageous but rather truth, that nobody wants to talk about) It's absolutely ridicules that the government now secures homes along with private big business. What about all the "mom and pop" shops that devoted their time and actual hard labor who closed their doors over the last few years? Where's their bailout?

[sandy 1027]

Politicians need to have principles that guide them,but making decisions based strictly on rigid ideology, regardless of the circumstances, is foolish.There are times that common sense should prevail, or a whatever-is-necessary-for- our- survival -or- economic -growth-mentality should rule the day.The bailouts are a primary example of this.There were egregious excesses on Wall St. that should have been dealt with , in reality,with greater penalties;but it is the engine of our economy.What happens, or doesn't happen, on Wall St. effects banking institutions ,businesses, sand all of us.To have just had an"Oh well, just let it go under" attitude would have been devastating to our economy. The auto bailouts were also important.George W. Bush made the initial loan of 17,000,000. to the auto industry; and I certainly don't think that he did so to curry favor with the UAW or any other union, as the president's opponents are now saying of his bailout of GM and Chrysler.Both presidents recognized the negative impact that allowing our auto makers to go under would have had on the U.S. economy,and wisely and courageously , took measures to prevent that from happening.

[RobAla]

Note that these Republicans condemned both President Bush and President Obama regarding the bailouts. It's nice to see candidates who are not just singing the party song. It is absolutely wrong for the federal government to manipulate private sector businesses with the public's funds. In the case of auto bailouts - it is bull that the these companies had to have $billions of public funds to survive. Ford did not take bailout money, and all the foreign auto manufacturers in the US did not NEED the bailouts. GM and Chrysler were grossly mismanaged - and they should have been allowed to go through bankruptcy, be restructured to be managed better, and come out of it on their own. This was wrong.

[nearl451]

Incredlulous.

As much as I didn't like "W", he was head and shoulders better than any of these four.

All ofthem believe so much in the "free" market and invisible hand, that they would sell out every one of their fellow Americans for a quick buck, even when the evidence was in 2008 of worldwide financial sector collapse.

They are so brave,now that the crisis is seemingly over. In Cot 2008, they were all wetting their pants....along with the rest of us.

Bastards.

[nearl451]

Oct.

[NinthSt78]

What's wrong with them? Don't they like big, old New Yorkers with the nice styling and attention to detail?