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Auto Industry
  • John McCain: Mitt Romney Claimed What Now?

    It would appear as though everybody in the entire world were not the only ones who were a little shocked and confused by Mitt Romney's recent attempt to grab credit for the bailout that pulled the Michigan auto industry back from the brink of destruction.

    John McCain, today, was caught a little off guard when asked about it

    "Romney said that he was responsible for the auto bailout?" asked Sen. John McCain (R-AZ) in disbelief, unaware that Romney had told a local affiliate in Ohio he should be credited for having saved the industry.

    Oh, wait, what? He said what on the who now? Are we still saying that that was a bad thing? We are? Okay, then. But how would… Oh, we are but we aren't?

    "I'd have to look at the context of his remarks. I know that if the auto companies had gone into bankruptcy like thousands of small businesses had to do across America, they could've emerged without the sweetheart deal for the unions like was orchestrated by the Obama administration."

    Tough one for McCain. I'm sure he probably thought his days of struggling to make sense of a candidate's nonsensical ramblings were behind him.

    Photo by Richard Ellis/Getty Images News/Getty Images

    Tags: Auto Industry, John McCain, Mitt Romney
  • Mitt Romney "Takes a Lot of Credit for" the U.S. Auto Industry Revival

    Every once in a while, after periods of feeling like I cannot be surprised by U.S. politics any more, I hear something magical, and… and… it's like… it's like I'm an wide-eyed child full of wonder all over again

    Campaigning in the backyard of America's auto industry, Mitt Romney re-ignited the bailout debate by suggesting he deserves "a lot of credit" for the recent successes of the nation's largest car companies

    "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," Romney said in an interview inside a Cleveland-area auto parts maker. "So, I'll take a lot of credit for the fact that this industry has come back."

    I am genuinely shocked. I did not realize that this was a thing that was capable of happening. If a person who famously wrote a New York Times op-ed called "Let Detroit Go Bankrupt" and said during a debate just a few month ago

    My view with regards to the bailout was that whether it was by President Bush or by President Obama, it was the wrong way to go. I said from the very beginning they should go through a managed bankruptcy process, a private bankruptcy process…

    My plan, we would have had a private sector bailout with the private sector restructuring and bankruptcy with the private sector guiding the direction as opposed to what we had with government playing its heavy hand.

    …can just turn around and take credit for the opposite of that happening, well, then I've just been living my life all wrong.

    Where is my Academy Award for Platoon. I was 13 when that movie came out, and I didn't really have anything to do with it. But I saw it, so I'll take a lot of credit for the fact that it won Best Picture. Also, I'll be taking a lot of credit for the invention of Chunky Monkey ice cream, the discovery of the Hawaiian islands by migrating Polynesians several thousand years ago and, what the hell, the formation of sand.

    Related: Mitt Romney Takes Brave Stance Against Taking Brave Stance

    Photo by Scott Olson/Getty Images News/Getty Images

    Tags: Auto Industry, Michigan, Mitt Romney
  • Mitt Romney Opposed, Supported and Invented the Auto Bailout

    Mitt RomneyIn an oft-cited February 2012 opinion piece in the Detroit News, Romney called Barack Obama's decision to lend billions to Chrysler and General Motors an example of "crony capitalism on a grand scale" and wrote, unequivocally, "I believe that without [Obama's] intervention things there would be better."

    This consistent critique of the Obama administration turned problematic once it became clear that hundreds of thousands of jobs had been saved by the bailout, but lest anyone fret, Romney adviser Eric Fehrnstrom has a solution.  Although the Romney campaign may not be fully committed to automobile manufacturing, at least they've created a whole bunch of jobs at the Etch-A-Sketch factory

    One of Mitt Romney's top advisers said Saturday that President Obama's decision to bailout Chrysler and General Motors was actually Romney's idea.

    "[Romney's] position on the bailout was exactly what President Obama followed. I know it infuriates them to hear that," Eric Fehrnstrom, senior adviser to the Romney campaign, said.

    "The only economic success that President Obama has had is because he followed Mitt Romney's advice."

    Given Romney's passion for firing people, it's amazing Fehrnstrom is still a senior adviser. Apparently the only thing Romney won't shake-up is his campaign staff.

    As for the claim of intellectual paternity, at least Al Gore's invention of the Internet paved the way for LOLcats and Chocolate Rain. Romney "invented" a complicated financial restructuring that consolidated dealerships, re-opened collective bargaining agreements and swapped bondholder stakes for shareholder equity. Mitt Romney: the boring man's Al Gore.

    Photo by Jessica Kourkounis/Getty Images News/Getty Images

    Tags: Auto Industry, Barack Obama, Detroit, Mitt Romney, Republicans
  • Stephen Colbert Has Some Free Stand-Up Material for Mitt Romney

    So, Mitt Romney went on the radio in Wisconsin and told this hilarious anecdote about his father firing an entire factory full of auto workers, and… No, but the auto workers were from Michigan, not Wisconsin. Right. Yeah, so it was hilarious!

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    The Colbert Report airs Monday through Thursday at 11:30/10:30c.

    Tags: Auto Industry, Mitt Romney, Stephen Colbert, The Colbert Report, Unemployment, Video, Wisconsin
  • Rick Santorum Gave Commie Handouts to Steel Industry

    Quasi-frontrunner Rick Santorum has painted himself as a fierce free-market conservative, railing against TARP, the auto bailout, welfare and basically all government handouts.

    I guess nobody told him about his congressional record

    [A]s a congressman and then a senator from Pennsylvania, his record often defied those principles when it came to defending the interests of a political and economic powerhouse in his state: the steel industry.

    Again and again, as Big Steel faced crippling competition from abroad during the 1990s and early 2000s, Mr. Santorum joined Democratic and Republican lawmakers from steel-producing states to seek special protection in Washington for the industry, including direct subsidies, trade tariffs and import quotas…

    [C]ritics, including free-market advocates, said that it was difficult to reconcile the policies Mr. Santorum pursued in Congress with the campaign-trail stance he has taken against government meddling in the marketplace.


    But hey, even invisible hands of the free market is one thing have palms that you can grease with a little government cash every now and then.

    Speaking of greased skin, doesn't Rick Santorum know what goes on in steel mills? For a guy who hates gays and sex of any kind, Rick Santorum has done more than any other politician to promote Flashdancing.

    Photo by Scott Olson/Getty Images News/Getty Images

    Tags: Auto Industry, Communism, Economy, Pennsylvania, Primaries, Rick Santorum, Senate, TARP, Welfare