By the way, steve he was referring to was the former car czar. it was what we both feared in the fall of 2008, when there was the bailout frenzy and the tarp. it was why you don t want government in the business of private enterprise, because you have to make and sell cars where you lose $14,000 per car, and i you remember fdic issac said wield we could bring in a trillion dollars and bailout chrysler and gm. no, this administration forced the sale of fiat, once the government gets involved, they
Bankruptcy. by the way that is what happened with chrysler and g.m. the vice president is glossing over some of that. that has helped the obama campaign specifically in ohio because repeatedly the advertisements and michigan repeatedly saying that the romney campaign wanted detroit to go bankrupt. that has had resonance. once you get into the nuances of it it though it s not as some argue if that private money was available the auto makers could be in better shape today than they currently are the government owns $18 billion right now in g.m. by the way, we should say that the fact checkers did not think that paul ryan had a flawless night either. they took issue with. so things he said. particularly that gotcha moment where joe biden says why did you advocate for stimulus money for your constituents? you also act. you sent out grant letters for stimulus money so they brought that up as well. so interesting. there was some stuff on libyas a well that paul ryan had been fact checked on as well.
Prescription drug benefit and the tax cut because he lumped them all together but he voted for the wars as well. got to be careful when you say fact, fact, fact. he also talked about the auto bailout and misrepresented a little bit the other side. here is what the vice president said. we knew we had acts in the middle class we immediately went out and rescued general motors. we went ahead and made sure we cut taxes for the middle class. in addition to that when that occurred, what did romney do? he said no, let detroit go bankrupt. the vice president is taking some liberties there. oversimplifying. because mitt romney being a private equity guy wanted a structured bankruptcy for these companies. structured means you go back into court you get to blow up some contracts that making, not meet your bottom line a judge helps decide. here are the facts according to a.p. in 2008 on he ed in the new york times he said he opposed using government money to bailout chrysler and general motors instead favoring privately financed
Ryan, even the republican senate candidate in ohio against share rod brown sherrod brown and then he refused to say whether he supported the auto bailout. let me let you listen to this exchange. the government stepping in to bailout chrysler and gm? i think it depends on who you ask. it was, do we save chrysler and gm, what do you do? again, this is a false choice. so you would it needs to be done under the umbrella of the free enterprise system. as we sit here today, was that a good vote or a bad vote? i personally would have had trouble with stripping these hardworking that s mandel running against sherrod brown.
president obama touting the auto bailout that will cost taxpayers a few billion bucks. on friday he heads to a chrysler factory to sing the automaker s praises and new steve worries the presidential praise will keep taxeses on the hook. why is that? great to be with you. why buy the idea this was a great deal for taxpayers. it is true the multibillion dollar listens made to chrysler and g.m. will be repaid with some interest but here is the point. if we took that money and put it in the stock market we with have made as taxpayers twice as were money as we did bailing out the companies and what worries me we have set a precedent that when a major company, whether a big bank or a mortgage company or an insurance company or a car company gets in financial trouble there is going to be uncle sam bailing them out, the kind of expectation of big business in america that they have a safety net from