On Monday, Republican presidential candidate Mitt Romney credited himself for the U.S. auto industry’s recovery because he had called for car companies to go bankrupt (video below).
Romney told told Cleveland’s WEWS-TV: “I pushed the idea of a managed bankruptcy. And finally, when that was done, and help was given, the companies got back on their feet. So I’ll take a lot of credit for the fact that this industry’s come back."
In a 2008 New York Times op-ed titled “Let Detroit Go Bankrupt,” Romney warned that if a bailout was provided to the auto industry then “its demise will be virtually guaranteed.”
However, Arthur J. Gonzalez, a former federal judge in U.S. bankruptcy court, said that G.M. and Chrysler only survived because they went into a managed bankruptcy strengthened by the government bailouts that were approved by Presidents George W. Bush and Barack Obama.
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Gonzalez told ABC News earlier this year: “One thing is clear, without government support in one fashion or another, there were no sources of funding.”
Obama campaign co-chair Ted Strickland on Monday responded by saying: "[Mitt Romney's] comments today that he will ‘take a lot of credit that the [auto] industry has come back’ are a new low in dishonesty, even for him. Mitt Romney seems to think Americans will just forget the past and his very vocal and clear opposition to the successful auto rescue.”