Obama and the Democrats will continue to hammer away at the fact that it was their decision to rescue GM and Chrysler with billions of dollars of aid. Romney, for one, has said the auto companies needed to go through a structured bankruptcy – as they did – but that taxpayers should not have been on the hook for the money lent them.
Schostak made the same argument during the call today, saying capital markets – the banks – would have been there to invest in the auto companies, leaving the taxpayers out of it.
“The auto bailout was welcome dollars,” [Michigan GOP Chairman Bobby] Schostak said, but “bankruptcy should be handled through the capital markets.”
Banks were going to lend money? To a sinking vehicle manufacturing sector? In 2009? Are you freaking kidding me? They weren’t lending money to anyone and they still aren’t, for the most part. That is a completely unrealistic bit of revisionist history.
Keep hammering away at that one, Bobby. That’s gonna be a real winner for ya in 2012, you betchya. Democrats across the state and the country supported this as did the Obama administration and it has been an unmitigated success, your standing on the sidelines throwing your own feces notwithstanding.
But, yeah, keep on banging that drum. Works for me.