Romney’s Plan Would Also Have ‘Saved’ Detroit (SWWE)

Mitt Romney - Pictufre courtesy Huffingtonpost.com

Of all the issues broached in the presidential campaign, the auto-industry rescue of 2008-09 stands out as an example of the triumph of spin over facts.

Keying off the New York Times’s headline for Mitt Romney’s 2008 op-ed, “Let Detroit Go Bankrupt,” President Obama has argued that the only alternative to his “bold” rescue of General Motors and Chrysler would have been a disorderly liquidation of the entire U.S. auto industry. Yet a close reading of Mr. Romney’s op-ed reveals that his proposal was actually quite similar to the course of action the president took, right down to government funding of the bankruptcy reorganization process and warranty backstops. [Continue Reading]