Auto Bailout Worked; USA Today, Chicago Sun-Times Say So
February 26, 2012
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This is my last post on the government loans to the American auto companies. I can’t resist noting that even the conservative pundits at USA Today admit it has been a good thing in the long-term and that the Republicon candidates should just say so and move on.
Oh geez! That would require them to tell the truth. Never Mind.
I also note that the Chicago Sun-Times makes the same point, calling on Romney et al. to dump the “bailout blarney” and admit it worked. The editorial particularly scolds Romney’s revisionist view of the state of things circa 2008:
In Tuesday’s Detroit News op-ed, Romney defends his opposition to the bailout in 2008, saying the bailout was nothing more than “crony capitalism” — a reward for union bosses. He argues that a managed bankruptcy, an idea that he implies the president got from him, was all that was necessary.
That is fantastical. Detroit in 2008 had been looking high and low for a big infusion of private capital, but the stock market was in a free fall and nobody was interested.
Moreover, the Obama-engineered bankruptcy, far from being a cash cow for unions, forced them to accept a two-tier wage system, reduced health-care benefits and plant closings — meaning fewer union jobs.