Dems see Romney vulnerability on autos The Hill (blog)

20.10.11

The administration thinks this issue could particularly hurt Romney because he strongly opposed the auto bailout, even after backing the bailout of the nation’s banks under the Troubled Asset Relief Program.

In the fall of 2008, Romney wrote a widely read op-ed in The New York Times titled “Let Detroit Go Bankrupt.” Romney argued that helping the companies when they were on the verge of going bankrupt would be worse for them in the long run than the consequences of bankruptcy itself.

“If General Motors, Ford and Chrysler get the bailout that their chief executives asked for yesterday, you can kiss the American automotive industry goodbye,” Romney wrote. “It won’t go overnight, but its demise will be virtually guaranteed.”

Chrysler and General Motors eventually did get a government bailout. Ford did not take government money but supported the bailout for the other two companies.

The op-ed received a lot of attention because of Romney’s family history in Michigan. Romney’s father, George Romney, is a former Michigan governor who was the CEO of American Motors, which he helped turn around in the 1950s and early 1960s.

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