Obama Gets GM Bankruptcy Facts Wrong

Discussion in 'Politics & Religion' started by pspr, Oct 23, 2012.

  1. pspr

    pspr

    “If we had taken your advice, Governor Romney, about our auto industry, we'd be buying cars from China instead of selling cars to China.”
    — Obama

    “I said these companies need to go through a managed bankruptcy. And in that process, they can get government help and government guarantees, but they need to go through bankruptcy to get rid of excess cost and the debt burden that they'd built up.”
    — Romney


    This exchange is drawn from a headline — “Let Detroit Go Bankrupt” — on an opinion article written by Romney for the New York Times. But he did not say that in the article. (He repeated the line, however, on television.)

    Although “bankrupt” often conjures up images of liquidation, Romney is correct in that he called for a “managed bankruptcy.” This is a process in which the company uses the bankruptcy code to discharge its debts, but emerges from the process a leaner, less leveraged company.

    Ultimately, along with getting nearly $80 billion in loans and other assistance from the Bush and Obama administrations, GM and Chrysler did go through a managed bankruptcy.


    http://www.washingtonpost.com/blogs...1dbdc4a-1c61-11e2-ba31-3083ca97c314_blog.html
     
  2. Lucrum

    Lucrum

    Obama and facts are two words that don't belong in the same sentence.
     
  3. pspr

    pspr

    Obama was elected on a basket of lies and he continues to dish out lies in his second campaign. I hope most Americans realize Obama is just feeding them more lies and deceptions.