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Posts Tagged ‘auto industry’

The Maddow Blog
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Tue May 15, 2012 8:00 AM EDT

Mitt Romney’s background at Bain Capital, the only experience the Republican presidential hopeful considers relevant to his campaign, can be pretty ugly. Romney orchestrated leveraged buyouts, flipping companies quickly for large profits, at the expense of thousands of workers who were considered collateral damage.

But for months, there’s been a standard line from the GOP campaign whenever President Obama’s team even hinted at this issue: what Romney did at his vulture-capital firm was similar to what the administration did when it saved the auto industry.

The argument has never stood up well to scrutiny. Back in January, when Romney started pushing the argument, the Democratic National Committee put together this video explaining why the comparison doesn’t make sense.

At a purely superficial level, Romney’s argument may appear to have some surface-level accuracy: in order to save GM and Chrysler, the Obama administration had to close some dealerships and make some sacrifices in order to rescue the larger companies themselves. When Bain Capital had to lay off thousands of American workers, the argument goes, Romney was largely doing the same thing.

But a closer look reveals how deeply foolish the comparison really is. Romney’s leveraged buyouts and mass layoffs were intended to do one thing: make a profit for investors. The fate of the companies, the workers, and the surrounding communities was irrelevant. Period. Full stop.

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February 28, 2012

Addicting Info- By

Ever since the US Government saved the American auto industry from the abyss through a bail out that kept millions of jobs from being lost, the Republican Party has bitterly bashed the action, especially since President Obama took over the Oval Office. The GOP believes that the American auto industry should have been allowed to fail and had they gotten their wish, millions of Americans would have become unemployed and the American economy would have collapsed even more.

On Tuesday, President Obama answered his Republican critics while speaking to the United Auto Workers convention in Washington DC and defended the American industry along with the workers who continue to make it thrive. Here is part of what Obama said, via Huffington Post.

“It’s been funny to watch some of these politicians completely rewrite history now that you’re back on your feet,” President Obama said. “These are the folks who said if we went forward with our plan to rescue Detroit, “You can kiss the American automotive industry goodbye.” Now they’re saying they were right all along. Or worse, they’re saying that the problem is that you, the workers, made out like bandits in all of this; that saving the American auto industry was just about paying back unions. Really? Even by the standards of this town, that’s a load of you-know-what. About 700,000 retirees saw a reduction in the health care benefits they had earned. Many of you saw hours reduced, or pay and wages scaled back. You gave up some of your rights as workers. Promises were made to you over the years that you gave up for the sake and survival of this industry, its workers, and their families. You want to talk about values? Hard work — that’s a value. Looking out for one another — that’s a value. The idea that we’re all in it together — that I am my brother’s keeper; I am my sister’s keeper — that is a value.

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