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Fri Oct 26, 2012, 05:16 PM

Even the RW Detroit News admits that Mitt's *solution* for GM/Chrysler could not have worked

The following snip is taken from the editorial endorsement of the ultra conservative Detroit News for Willard Romney.


-snip-

Don't assume that it was a no-brainer for a conservative newspaper to endorse a conservative presidential candidate. We recognize and are grateful for the extraordinary contribution President Obama made to Michigan in leading the rescue of General Motors and Chrysler. Had either of those companies been allowed to go under, Michigan's economic maladies would have become fatal.

The president stepped up with the support the two automakers needed to keep themselves and their suppliers in business. We have said in past editorials that while Romney rightly advocated for structured bankruptcies in his infamous "Let Detroit Go Bankrupt" New York Times op-ed, he was wrong in suggesting the automakers could have found operating capital in the private markets. In that article, Romney suggested government-backed loans to keep the companies afloat post bankruptcy. But what GM and Chrysler needed were bridge loans to get them through the process, and the private credit markets were unwilling to provide them. Obama put a rescue team to work and they were true to the task.


-snip-

more...

From The Detroit News: http://www.detroitnews.com/article/20121025/OPINION01/210250332#ixzz2ANLrsWPN

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Mitt Romney's bankruptcy *solution* would have led to the LIQUIDATION of both GM and Chrysler.

Fuck you, Willard Rmoney!

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