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Posts Tagged ‘Auto Bailout’

The Huffington Post | By Jennifer Bendery  | Posted: 03/15/2012 12:48 pm  Updated: 03/15/2012  1:36 pm

WASHINGTON — In a fiery campaign speech on Thursday, Vice President Joe Biden took direct aim at former Massachusetts Gov. Mitt Romney for advocating that the auto industry go bankrupt instead of the Obama administration bailing it out.

“[Romney] said let Detroit go bankrupt. He said that,” Biden said to boos during a Toledo, Ohio campaign event. “He said what what we propose, and I quote, ‘is even worse than bankruptcy.'”

More telling, he said, is that Republicans like Romney were instead advocating that the private sector come to the aid of the auto industry, something Biden pointed out was never going to happen. He cited as proof the fact that Romney’s own private equity firm did nothing to help out during the crisis.

“Bain Capital wasn’t lining up to give anybody money,” Biden said. Romney said “the market, Wall Street, will help lift them out … Wrong.”

In the end, the administration bailed out the industry and it is now returning to stable footing. Romney said a government bailout “would make GM, quote, ‘the living dead,'” Biden said. “I say to Gov. Romney — his prediction of a living dead — we now have living proof: a million jobs saved.”

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Doug Mills/The New York Times  Speaker Nancy Pelosi, with Rep. Barney Frank, spoke on Monday about the possible bailout plan for automakers.

Doug Mills/The New York Times Speaker Nancy Pelosi, with Rep. Barney Frank, spoke on Monday about the possible bailout plan for automakers.

Auto Bailout Deal Advances as Democrats Offer Draft Bill

Published: December 8, 2008

WASHINGTON — An agreement between the White House and Congressional Democrats over the shape of a rescue plan for the auto industry advanced on Monday, with Congressional Democrats calling for a taxpayer-financed plan that would be directed by one or more appointees of President Bush.

According to draft language being circulated on Capitol Hill, the Democrats would call for an overseer, also known as a “car czar,” with expertise in such areas as “economic stabilization, financial aid to commerce and industry, financial restructuring, energy efficiency and environmental protection.”

The United Auto Workers union, meanwhile, is planning to seek a stake in General Motors and a seat on its board in exchange for concessions by its members.

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