Romney Defends Auto Bailout Opposition in Home State of Michigan BusinessWeek
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Nov. 10 (Bloomberg) -- Mitt Romney, debating Republican presidential rivals in Michigan last night, defended his opposition to a government bailout that saved tens of thousands of jobs at Chrysler Group LLC and General Motors Co.
Instead of a government intervention, the former Michigan governor said, the companies should have immediately entered into private sector bankruptcies. “My view with regards to the bailout was that, whether it was by President Bush or by President Obama, it was the wrong way to go,” he said, during the event at Oakland University in Rochester, Michigan, sponsored by CNBC.
Amid the 2008-09 credit crunch, private sector financing for such a deal wasn’t available, according to economists such as Mark Zandi of Moody’s Analytics, an adviser to 2008 Republican presidential nominee John McCain, and independent analysts such as David Cole, chairman emeritus of the Center for Automotive Research in Ann Arbor, Michigan.
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