While saying he wasn’t proposing a bailout, Romney proposed a five-fold increase - to $20 billion - in federal funding for energy research, fuel technology, materials science, and automotive technology.
Detroit News, January 15th 2008

[Romney] offered proposals to ease mileage standards, to lighten automakers' burdensome employee health care obligations and to "make a fivefold increase — from $4 billion to $20 billion — in our national investment in energy research, fuel technology, materials science and automotive technology."
USA Today, January 16, 2008

Gov. Romney has consistently supported active involvement from lawmakers in the American auto industry, but not a bailout. His most recent NYT op-ed reiterates his longstanding support for technology and energy research and a business restructure. Cheers!

There's quite a difference between cash bailouts and job retraining for displaced workers. Romney could also call for government help without advocating a bailout such as we see now. Without more specific contradictory statements I don't think throwing stones is a good idea.

I agree with you Steve and I am surprised James that you would jump to conclusions like this. (Maybe I shouldn't be ;) )

At any rate, who gives a shit what Romney or any other politician says these days. All of them have lied (which shouldn't surprise any one here) and they have taken the John Q. Public taxpayer for a ride.

If you weren't pissed off at Washington before the election or bailout, you should be.

Pretty good reorganization where the workers are paid over double what the competition gets paid.

Not to beat a dead horse but that won't be the case next year for both union and non-union types. The older higher paid salaried guys are all but gone. Any replacements are hired in with little benefits if any and substantially less pay. The "cradle to grave" are over.

The UAW is atleast a large portion responsible for the mess the automakers are in. The head of the UAW was not willing to give a thing.

While this is true it takes two to tango. GM, Ford and Chrysler made their beds with the UAW and are paying for it. It wasn't until recently that the automakers got the upper hand on the UAW in the last contracts. Like I said, should they survive into next year when the contract starts they will be on par with the Japanese in those costs.

Pretty good reorganization where the workers are paid over double what the competition gets paid. I also like the fact that, when the workers are lid off because of a downturn, their unemployment benefits equal their normal pay. They bitch and moan of the hardship of having no overtime pay.

What must the taxpayers of the country be thinking about all this money being used to keep losers afloat.

It is indeed not surprising that most of the big three's major manufacturing plants are in Michigan. Michigan's economy has been going downhill for years, even when the other states were improving. The Democratic governors response has always been to raise taxes.

No wonder she is on Obama's transition committee.

You mean, until people start buying Yukon Denalis, Hummers, and Escalades again?

No, I mean until people start buying durable goods again, period. What you buy is up to you but people are not buying anything, foreign or domestic. Auto sales are down across the board. That said, they have plenty of lines that are small and midsized that get 30+ mpg. As for the vehicles you listed above, nobody put a gun to anyone's head to buy them and people did buy them in droves. Hell, Toyota just threw billions at their pickup truck line yet I don't hear anything about their management.

I am pretty convinced that the auto industry needs to go bankrupt

Were it any other economic period i'd agree, but it isn't and if it were not for the current economic "crisis" we wouldn't be talking about it either. Nobody I know of sounded any warning bells. In hindsight it's apparent something was up with the Fed pumping liquidity into the banking system all summer but I don't recall anyone mapping this out. This is a unique situation.

How about some sort of "guided bankruptcy" with government-guaranteed loans to finance the restructuring?

I sure don't know all that that would entail. I would suspect if it was plausible that it would have already come up for debate.

They are poised to turn it around BUT not in the current climate however long that lasts.

You mean, until people start buying Yukon Denalis, Hummers, and Escalades again?

I am pretty convinced that the auto industry needs to go bankrupt, but it is funny to see how quickly Republican politicians have rediscovered the free market.

How about some sort of "guided bankruptcy" with government-guaranteed loans to finance the restructuring?

Yeah, that's what I've been pitching over at my place for some time. I think that both the critics of a bailout and its supporters are right: Chapter 11 bankruptcy is the only solution for GM and it would have dire effects that could be counterbalanced by government guarantees. It's not too big to let fail but it is too big let fail to encourage the others.