Remember that Auto Bailout? Mitt Romney Wants You To Believe It Failed. It Didn’t.

Remember that Auto Bailout?  Yeah, it Failed Wait…. no it didn’t.

Via Politico;

“The bailout program was not a success because the bailout program wasted a lot of money,” Romney said in the debate, arguing that the right thing to do was “letting these enterprises go through bankruptcy” with no public support.

“Instead, the Bush administration and the Obama administration wrote checks to the auto industry,” Romney said, accusing Obama of playing favorites with the UAW.

The former Massachusetts governor has struggled over the last few weeks with his message on autos, as Democrats have called him out for saying Americans could “kiss the auto industry goodbye” if it got bailed out.

Challenged on those words Monday, Romney stuck by them, saying that the bailouts wasted $17 billion on the way to implementing “the very bankruptcy process I was suggesting.”

Read more: http://www.politico.com/news/stories/0611/56886.html#ixzz1RMIhBudL

The auto bailouts WERE a success though.

Via Mother Jones;

What began as the ugliest of government bailouts—the rescue of General Motors, Chrysler, and the financing company GMAC/Ally—is now shaping up to be one of the success stories of financial crisis. In its latest report, released on Thursday, the bipartisan Congressional Oversight Panel (COP) revisits the $60-billion dollar bailout of two of the US’ “Big Three” auto companies, and its findings, in many ways, cast the GM and Chrysler rescues in a favorable light.

For one, the ultimate cost to taxpayers, the panel notes, has been almost halved in the last 16 months. In September 2009, the non-partisan Congressional Budget Office projected taxpayers would lose $40 billion; that figure has since been revised down to $19 billion—still a massive loss, but not as bad as initially feared.

Both GM and Chrysler are now on the road to recovery, the COP’s report found, thanks to a whopping $63.1 billion of taxpayer money injected into the two automakers to avert their collapse, giving taxpayers 61 percent ownership in GM and 10 percent in Chrysler. Since then, a restructured GM has conducted an initial public offering, raising $20.1 billion and signalling a rebirth of sorts for GM. Chrysler’s recovery has progressed at a slower pace, but it nonetheless looks set to regain its place in the US auto market.

Read more at; http://motherjones.com/mojo/2011/01/auto-bailouts-success-story