but this goes right at the trump brand. taking away american jobs in the heartland. >> 100%. remember that mitt romney got in trouble because he had written an op-ed that got titled, "let detroit go bankrupt," and that was a huge sort of challenge for him politically. >> you remember him, jen. >> i do. >> so trump built up, his political success has been built upon being a different kind of republican in that regard. this happening not just in terms of losing manufacturing jobs, but ohio, a state that voted for trump by the same margins that texas did. i mean, ohio at the presidential level was not a swing state this last time. and so for it to be the place where this is happening, i think really strikes at the heart of the president's political base. >> and beyond it just being a political issue, first, i want to say, this is devastating for these families. and i feel for each and every one of them that is about to lose their jobs, in a place where maybe they are not going to be able to get another job that pays as well as this or has as good as benefits. so this is just devastating on a human level. it's also politically going to
between, love american workers, so happy for american workers, but then again, what a terrible precedent, because the president can't be making deals right and left. where do you come down? skbli >> i think it's interesting, when president barack obama made that deal to save the auto industry, and this reaction to it was this sort of off-key reaction, how dare the president of the united states step in and choose winners or losers in detroit. i think i remember mitt romney wrote, let detroit go bankrupt, and there was this huge argument particularly look republicans that this was not the place of the president to do. >> free market. >> the free market should win. so i think what you're seeing with donald trump is things that were considered to be off the table and considered to be wrong when they were done by president obama, it's different now. in this particular case, it's also the opposite of what donald trump said. he had some very tough rhetoric during the campaign that if any american company wanted to move out when he was president, eld make them pay a huge tax. they were going to pay a 35% or better tariff and he was going to punish them. what we've seen here instead is
"the ed show" is coming up next. good evening welcome live in new york. i'm ready to go. let's gets to work. >> let me make it clear, we're a for-profit institution. >> this is theway to solve the problem. >> let detroit go bankrupt. >> diamond is blejing $100 million from chase over the next five years for detroit. top secret invite only. >> it'sier to demolish things than to repair or rebuild something. >> they don't have a fiscal problem. they have a cultural collapse.
political news for democrats. explain. >> okay, i'll do it as quickly as i can. because, andrea, the reality of political campaigns is that ads are built around snippets of information, headlines, many things taken out of context. i would say that about both sides. remember how democrats used -- mitt romney said let detroit go bankrupt. well, mitt romney never actually said that. it was the headline of the piece that he didn't know was coming. this is the reality of how campaigns function, and i think for the republican base, and that's a very critical piece of the 2014 midterm election, this cbo report will confirm what they believe is the facts that obama care is a bad law, that the government has failed in implementing it, and it will further incite them to turn out in the midterm elections to send barack obama a message. i think if you're mary landrieu in louisiana, or mark begich in
himself vulnerable is his statements on detroit. when he said detroit will never go bankrupt, essentially he meant not just the city, but he meant the auto industry. when he comes out and says that, again and now yesterday it's official, detroit went bankrupt. there is somewhat of a problem. listen. >> so when some people said we should let detroit go bankrupt, we decided no, we're going to make a bet on the american worker and american industry. even when there were some politicians who were saying let's let detroit go bankrupt and with 1 million jobs on the line, we weren't going to let that happen. but we refused to throw in the towel and do nothing. we refused to let detroit go bankrupt. >> detroit went bankrupt a while back, but the big news today is the fact that yesterday federal judge steven rhodes cleared the way for detroit to slash city pensions and this really is big and this could actually have a domino effect at other municipalities across the country. detroit needs to make up
reason to do it. very good numbers for november. 14% year over year increase for gm, that's great. ford, up 7%. chrysler, up 16%. and it wasn't just the incentives. there were good incentives. about $2500 on average was the incentive to get out there and buy a car. big advertising for black friday. a lot of people went to the showrooms, that helped. but this is really a recovering economy story. and pent up demand story. and you're hearing it from the automakers who are looking at the a good 2014, as well. their stocks reflecting it, too. >> absolutely. so the auto bailout was a good idea? we all remember back in 2008 when mitt romney said let detroit go bankrupt and there was a big partisan fight. so who is right? does the american public get money back? >> the american public has gotten all but about $10 billion back from gm. lost about $1.3 billion on chrysler. ford never took the bailout. be very clear. ford never took the bailout, it
good guy. brian? >> the president repeatedly promised he wouldn't let detroit go bankrupt when he bailed out the auto industry. >> and so when some people said we should let detroit go bankrupt, we decided, no, we're going to make a bet on the american worker and american industry. even when there were some politicians who were saying let's let detroit go bankrupt. and with one million jobs on the line, we weren't going to let that happen. >> we refuse to throw in the towel and do nothing. we refuse to let detroit go bankrupt. >> yesterday a federal judge cleared the way for detroit's bankruptcy to move forward. what does that mean for the city and other cities that could be at risk especially those counting on pensions from that city? joining us right now, stuart varney. stuart, you did point out when he was saying detroit, he meant the car industry. and now the city has gone bankrupt. they've accepted their fate. what does that mean for the pensions? >> if you work for a city, you're retired, a retired
the unions. that's where the money went. they still went bankrupt. just like what the president said, i won't let detroit go bankrupt. was he talking about the automakers or the city? both went bankrupt. that's what naturally occurs in free markets. ford is stealing market share right now. they did not take a bailout. we were sold a bill of goods on this. >> jonas, is this proof basically we shouldn't have any more bailouts? >> well, the fact we had to bail out chrysler again to gary b.'s point, if we didn't bail them out the first time, we wouldn't have to the second time. the public is against bailouts even though they haven't been economically bad for the treasury when you factor all of them together, i don't think we'll get any more of them fortunately. yes, we took a loss on gm. it's a loser company, not a bank that will pay you back. when you factor in all the food stamps that have gone on, all the unemployment insurance, i don't think we took a loss in the grand scheme of things.
>> you get a car, you get a car. folks. okay? we don't know what chain you get a car. >> the number of automakers will reaction it could set off. another american act of aggre be raising production schedules because of this demand. aggression in the middle east >> we're heading back toward could lead to at attack on our soil. i think we should talking about pre-recession levels. that. >> auto sales on the fast track. i really believe that everything that we have set on this show ford says it sold an f-series pickup truck every 42 are reasonable patriotic reasons to be against another war, seconds in the month of all. another strike, another act of >> chrysler sales roses for the war. that's what it is, but hatred 43rd straight month. for our nation's first black >> let detroit go bankrupt. president is not. >> wrong, sir, wrong! now, the president has all of you lose! these conservatives in a good day, sir! political box. and today's top trender -- they can't support him. they've been ranting on this guy wage against the machine. for years. >> walmart walkouts. how will they go home to their >> workers in 15 locations are tea party districts and say, well, i stood with the president. taking part. >> organizing in concert. is it doesn't sound good, no, no, no, it doesn't sound good. >> the largest mobilization if president obama does get since last year's black friday their support, god forbid if it protests. >> walmart workers across the turns out good, then they would country hit the picket lines. have sided with the president. >> demanding better workers' on the other hand, they have got
and three years later it's paying off in a big way. >> walk me through it, austan. he didn't mention it. >> mitt romney wrote an editorial that said let detroit go bankrupt and it was about the detroit wrote an editorial that said let detroit go bankrupt, and it was about the detroit automakers, and that is what he was referring to, it was about the auto companies. >> the president said he saved detroit. we wouldn't let detroit go bankrupt. now, guess what, detroit is now bankrupt, is it not? >> when romney was talking about detroit, they were talking about the detroit auto industry. >> i can only listen to his words. you wouldn't want me to distort his words, would you? >> he was talking about the auto industry right there. >> he said detroit. detroit is now bankrupt. why? >> he was talking -- the phrase "let detroit go bankrupt" was mitt romney's phrase in reference to the auto companies. >> hugh, it's happening. >> it has happened and in