President Obama's Bailout of American Car Makers

Topics: Barack Obama, John McCain, President of the United States Pages: 2 (611 words) Published: November 13, 2012
When President Barack Obama visits Ohio, a swing state heavily dependent on the auto industry, he says his bailout of American car makers saved tens of thousands of jobs and argues that Republican presidential nominee Mitt Romney would have "let Detroit go bankrupt."

Now that he's heading to Nevada, the swing state hit hardest by the housing crisis, Obama Saturday morning raised the memory of Romney's similar statements on housing foreclosures.

"I know there are some who think that the only option for homeowners is to just stand by and hope that the market has hit bottom," Obama said in his weekly radio address. "I don't agree with that."

Obama didn't name Romney or quote him directly. But some attuned listeners may recall Romney's interview with the Las Vegas Review-Journal's editorial board in October 2011. Discussing the foreclosure crisis, he said, "Let it run its course and hit the bottom."

His words stung many distressed homeowners in the state, and the Obama campaign hopes they haven't forgiven Romney. But it's now clear Romney's point wasn't simply to let the market hit bottom.In August, Review-Journal editorial writer Glenn Cook printed the unedited version of the Romney response of 10 months prior: "There are things you can do to encourage housing," Romney said, according to the transcript. "One is, don't try and stop the foreclosure process. Let it run its course and hit the bottom. Allow investors to buy homes, put renters in them, fix the homes up and let it turn around and come back up. The Obama administration has slow-walked the foreclosure process that has long existed, and as a result, we still have a foreclosure overhang."

Romney went on to say he thought the idea of "helping people refinance homes to stay in them is one that's worth further consideration, but I'm not signing on until I find out who's going to pay and who's going to get bailed out, and that's not something which we know all the answers to yet."

Speaking in Las...
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