Friday, June 10, 2011

Mitt Romney: Sticks to His Guns in Michigan

Mitt Romney was in Michigan Thursday for some campaigning and fund raising. Not everyone there was happy to see him. The UNIONS that is.

To view the following video, PRESS THE BUTTON below it to open a pop-up window:

Romney is not backing down from his stand despite the strong union anger over is stand.
Republican presidential candidate Mitt Romney is defending himself in Michigan against questions over why he opposed a federal bailout of General Motors and Chrysler two years ago.
Romney told a diner at the Senate Coney Island restaurant Thursday morning that the automakers should have gone through a private bankruptcy without the federal aid.
The businessman and former Massachusetts governor says he believes "in the process of law" rather than bailouts.
Dozens of autoworkers and Democrats protested outside the restaurant.
The Full Story is HERE.

You can hear the UNION JACKASSES singing near the end of the following video:

After breakfast, Romney headed over to Bizdom University:

After a 20-minute chat this morning with six budding entrepreneurs at Bizdom U., the Dan Gilbert-supported organization that helps launch companies at Detroit's TechTown, presidential candidate Mitt Romney defended his opposition to the federal bailout of the auto industry....

He then stuck by his original criticism of the auto bailout:

Romney said he stands by his position that General Motors Corp. and Chrysler Group should both have gone through bankruptcy without federal funds, which totaled $49.9 billion for GM and $15.2 billion for Chrysler.

He said they should have pursued debt financing. And if not enough was available to keep the companies viable, then the government could have offered such things as loan guarantees as a last resort.

When asked whether the auto companies would be alive today without getting federal money, Romney said: "I wanted them to go through bankruptcy and to do it through the private sector. They should have gone through the process the way it's been done for 50 years."

Read the full story HERE.

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Doug NYC GOP said...

Good for Mitt.

He's right and one would think he'd know as this was part of the work he did at Bain when turning companies around.

He said he would have offered Fed support AFTER they went through the process to help the auto industry and it qwould still have been cheaper and the BOND holders who are the rightfully to be paid first, would not have been shoved to the back of the line behind the Unions.

Rememeber how the WH was threatening the bondholders in the Chrysler deal with IRS audits, etc. The bondholders backed down over the Chicago-Rahm Emanuel coercion tactics.

hamaca said...

Excellent points, Doug.

I love how the union bosses are try to play on people's lack of understanding of what bankruptcy would have entailed. They're succeeding in getting some to believe it means the companies shut down entirely.

Quite the contrary. There are well-known airlines that went through bankruptcy and continued to fly and operate. It provides the opportunity to do the necessary heavy financial restructuring to set the company up for eventual success. Oh, and one small, minor detail is that it could render unions and their bosses a bit less relevant going forward.

hamaca said...

Even though it's not his personality, it would have been funny to see Mitt say to the guys he was chatting with inside, "Just a moment while I deal with these people outside", then proceed to the door, open it and holler to the protestors, "You've been duped, all of you!" and then return to the conversation inside.