Let Detroit Go Bankrupt – by Mitt Romney. Read it yourself and see if Smirky McSmirkenson actually can claim credit for GM, Ford, et al not being bankrupt. (Answer, he cannot, at least with a straight face).
Paul Krugman noted at the same time:
If the economy as a whole were in reasonably good shape and the credit markets were functioning, Chapter 11 would be the way to go. Under current circumstances, however, a default by GM would probably mean loss of ability to pay suppliers, which would mean liquidation — and that, in turn, would mean wiping out probably well over a million jobs at the worst possible moment.
and yet, Obama is having a hard-sell convincing folks in states impacted by the bailout to vote for him.
Ohio and Missouri are traditionally important swing states. But in St. Charles County, where Wentzville is, it’s not Mr. Obama but his Republican opponent, Mitt Romney, who is predicted to win by a large margin. In heavily Democratic Lordstown, Mr. Obama is expected to prevail, but Mr. Romney is likely to carry two neighboring counties that also benefit from G.M.’s success.
“That’s surprising,” John Weaver, a political consultant and former John McCain adviser, told me this week. “I think especially with swing voters, they look at the auto industry and they see that government did work for them. It’s not just Wall Street that got help. It worked in a practical way in an industry that’s important to their state.” (Mr. Weaver isn’t working on the Romney campaign.)
I spoke this week with residents of both towns, and no one disputed that, from their perspective, the G.M. rescue has been a success.
“G.M. has been the catalyst for everything,” Wentzville’s mayor, Nick Guccione, told me. “They’ve already hired about 700 people, and they’re talking about bringing in over a thousand new jobs. And these are real jobs, with real wages. G.M. has brought in 1,300 construction workers for the new plant. We’re told that for every job they bring in, that creates five more jobs. It’s made Wentzville a more vibrant community. People can work, play, spend, shop.”
(click here to continue reading In Towns Helped by Obama’s GM Bail, Support for Romney)