At a Saturday forum hosted by the Washington Post, Fehrnstrom said that Obama’s auto industry rescue was successful because it was exactly what Romney himself proposed.
“[Romney’s] position on the bailout was exactly what President Obama followed,” Fehrnstrom said. “He said, ‘If you want to save the auto industry, just don’t write them a check. That will seal their doom. What they need to do is go through a managed bankruptcy process.’”
“Consider that the crown jewel,” Fehrnstrom said. “The only economic success that President Obama has had is because he followed Mitt Romney’s advice.”
Back here in reality, we recall that Mitt Romney's advice was "Let Detroit go bankrupt."
IF General Motors, Ford and Chrysler get the bailout that their chief executives asked for yesterday, you can kiss the American automotive industry goodbye. It won’t go overnight, but its demise will be virtually guaranteed.
Without that bailout, Detroit will need to drastically restructure itself. With it, the automakers will stay the course — the suicidal course of declining market shares, insurmountable labor and retiree burdens, technology atrophy, product inferiority and never-ending job losses. Detroit needs a turnaround, not a check.
They got that check. Now they are thriving after being bailed out AND going through a managed process. Here's what Mitt said back then too:
I believe the federal government should invest substantially more in basic research — on new energy sources, fuel-economy technology, materials science and the like — that will ultimately benefit the automotive industry, along with many others. I believe Washington should raise energy research spending to $20 billion a year, from the $4 billion that is spent today. The research could be done at universities, at research labs and even through public-private collaboration.
That of course got nowhere because the GOP has brutally decimated funding for energy research programs too. And now Mitt is taking credit because it was all his idea. It's laughable stuff, and yet Mitt resets history whenever he can, because he's an inveterate liar.