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Mitt Romney Memo #1: Andy Martin explains how Mitt Romney bungled his response to Obama’s lie that “Romney wants to bankrupt the auto industry”

October 16, 2012

Romney’s Rangers, The Independent Mitt Romney Political Action Team led by Republican activist Andy Martin, is beginning a series of “Debate Prep” memos for Governor Mitt Romney. In “Mitt Memo #1” Andy exposes Barack Obama’s lies about Romney’s 2008 proposal to rescue the auto industry. Andy explains what Romney actually said in 2008. Andy critiques Romney’s response to relentless accusations that Romney wanted to “bankrupt the auto industry” in 2008, perhaps the wildest and most bogus attack that Barack Obama has hurled at Romney. Andy explains to Romney what Romney actually said, and compares what Romney actually said with what Obama actually did. More memos will follow. Andy exposes Obama’s “Romney wanted to destroy the auto industry” “Big Lie” with the facts, since Romney himself has never made an effective response to Obama’s fraudulent accusations.

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FOR IMMEDIATE RELEASE:

 

Romney’s Rangers, led by Republican Party activist and New Hampshire corruption-fighter Andy Martin, begins a new series of “Debate Prep” memos for Governor Mitt Romney

 

Andy was and is a strong supporter of Governor Mitt Romney

 

Andy says Romney has never effectively answered Barack Obama’s bogus accusation that Romney wanted to “bankrupt” the auto industry in 2008

 

As usual, Andy is completely tethered to the facts, which the media have studiously ignored while endlessly repeating Obama’s “Big Lie” about Romney’s 2008 proposals

 

Andy Martin begins his new series of “insider memos” for Mitt Romney, since Romney’s own staff has failed to adequately advise the governor

 

In effect, Andy has become Mitt Romney’s own “management consultant”

 

(Manchester, NH) (October 16, 2012) Republican Party activist Andy Martin announced today that he is producing a new series of “Mitt Memos,” in which he guides the candidate on how to deal with problems in Romney’s campaign.

 

Mitt Memo #1: Romney never proposed “bankrupting” the auto industry

 

1. The background to Barack Obama’s false accusation

 

A. In 2005 I published a column proposing that General Motors file for bankruptcy (the column is not independently online but you can read it at the bottom of footnote/link [2] below. My column created a stir in the auto industry and received considerable attention for its dramatic conclusions and proposal, see link/footnote [3] below. What made my observations particularly trenchant is that I consider myself a friend of the UAW (United Auto Workers), not an enemy, and it was a painful analysis to present to GM workers.

 

B. In 2008, during the fall financial crisis, Mitt Romney published an op-ed column on the auto industry, see footnote/link [1] below. The New York Times, not Romney, gave the article the misleading headline “Let Detroit go bankrupt.” Romney’s column may be the least read and most misconstrued op-ed remarks in history. Barack Obama uses the column to suggest that Romney is anti-auto and wanted to “bankrupt” the industry. Nothing could be further from the facts, all of which are contained within Romney’s own column. (Read the full column and judge for yourself whether my characterization is a fair one.) Ironically, Romney proposed in 2008 the exact approach which I had recommended in 2005!

 

C. What Romney said was the following:

 

“The American auto industry is vital to our national interest as an employer and as a hub for manufacturing. A managed bankruptcy may be the only path to the fundamental restructuring the industry needs…The federal government should provide guarantees for post-bankruptcy financing and assure car buyers that their warranties are not at risk.”

 

Romney also said:

 

“I believe the federal government should invest substantially more in basic research…The federal government should also rectify the imbedded tax penalties that favor foreign car makers.”

 

Do any of Romney’s remarks sound “anti-auto?” Thank you. Then why has Romney allowed Obama to lie and lie and lie about Romney’s proposal to rescue the auto industry in 2008?

 

D. So what is a “managed bankruptcy?” There are two types of bankruptcy proceedings. In Chapter 7, failed firms are liquidated and their assets are sold off. The business ends. In Chapter 11, firms are reorganized under court supervision, labor contracts are usually modified, excess assets are sold and the business is placed on a sound financial footing. Over the years, skillful lawyers created “managed bankruptcy” proceedings, where the financial deals were cut before the bankruptcy case was actually filed, and the creditors knew what was going to happen and what they were going to get in advance. Managed bankruptcies are used to avoid the uncertainty and delay that can sometimes take place in an unstructured proceeding.

 

E. What President Obama did in early 2009 is to exactly and precisely follow Mitt Romney’s suggestions, and arrange managed bankruptcies for GM and Chrysler, with one major exception. Instead of protecting creditors and auto workers as a whole, Obama only protected UAW workers. GM auto workers that were not UAW members were thrown on the street. Workers from other industries who had invested their pension money in the auto industry saw their pension assets diminished so that the UAW could receive special compensation and indemnity. In other words, Obama rewarded his friends, and stole from people who didn’t know the president was raiding their pocketbooks.

 

2. The problem Romney faces

 

Governor, you have badly bungled Barack Obama’ accusation that you wanted to “bankrupt” and destroy the auto industry. Perhaps more than any issue Obama’s auto industry accusation accounts for your inability to take a strong lead in the race against the president. Obama’s accusation that you were anti-auto and wanted to bankrupt and destroy the auto industry is perhaps one of the biggest lies, if not the biggest lie, in the history of American politics. And yet you have let Obama and his stooges get away with their nonsense, and allowed the lie to be propagated over and over again by the media.

 

3. My proposed answer for Romney at the debate

 

Thank you for your question. In 2009, President Obama did exactly what I proposed to rescue the auto industry in my column in 2008. Since then, President Obama and his supporters have lied (“misrepresented?”) my 2008 proposal to rescue the auto industry, and have lied about what I proposed and what they did, because my 2008 proposal precisely tracked what the president did in 2009.

 

I proposed “managed bankruptcies” for GM and Chrysler. What did Obama do? He arranged managed bankruptcies for GM and Chrysler. Obama’s attempt to suggest I wanted to destroy or dismantle the auto industry is a Big Lie, perhaps the Biggest Lie ever in American politics. The “managed bankruptcy” which I proposed is exactly what the president did. The financial agreements were worked out in advance of filing the proceedings in the bankruptcy court, and both GM and Chrysler were saved exactly as I had outlined. I wish Barack Obama would start telling the truth abut what I proposed and what he did, and stop lying about me and stop lying about what I proposed in 2008. Obama’s claim that I was “anti-auto” is a disgrace to him personally and to his supporters that constantly repeat the big lie. You can read my column and see for yourself how Obama has distorted the truth. Only a desperate candidate lies about his opponent. What does that say about the president? How can you trust someone who distorts the truth and the facts the way the president has?

 

4. Closing observations by Andy

 

Romney can prepare his response to make it slightly softer, but the facts are the facts. Both the liberal media and Obama and his stooges have blatantly lied about Mitt Romney’s 2008 proposal to rescue the auto industry. They have used a misleading headline which Romney did not write, and ignored what Romney actually did write. Romney has allowed himself to be a punching bag for Obama’s lies. When is Romany going to call out the president and expose Obama’s lies? Maybe tonight.

 

Mitt Romney is a decent man who made the same auto industry proposal in 2008 that I had made in 2005. Romney has been vilified by the media, none of whom have read his original remarks. The media have failed to expose Obama’s lies and distortions. What does that tell you about the media?

 

Tuesday night, take off the gloves Mitt. Memo # 2 will soon follow. And then #3.

 

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ujntsman wasd reelected in November, 2008. A few monrths later he resigned to serve
his president,” Barack Obama. SDo whyh was it so terrible that Palin resigned and Hutsman served evenless of his secondterm? Can I say “double standard” again.

 

What os this show us? Whetyher thessue s resigfnaitonsor religion,th emedia shamlessly create double standards tgo favr theiiberal medioa pets (fulldisclosure; I am ot aliberalmedia pet).

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LINKS TO THIS STORY (cut and paste the entire link below and not just the underlined portion):

 

[1]

http://www.nytimes.com/2008/11/19/

opinion/19romney.html

 

[2]

http://contrariancommentary.blogspot.com/

2008/11/general-motors-should-file-for.html

 

[3]

 

http://www.leftlanenews.com/gm-bankruptcy-

not-a-good-option-market-share-25-year-low.html

 

http://www.leftlanenews.com/coulmn-general-

motors-should-file-for-bankruptcy.html

 

http://edu.cqdx.gov.cn/bmw/24683.html

 

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ABOUT ROMNEY’S RANGERS:

 

Romney’s Rangers, an independent political action team, is led by Andy Martin, a legendary New Hampshire, New York and Chicago-based muckraker, author, Internet columnist, talk television pioneer, radio talk show host, broadcaster and media critic. Andy’s family immigrated to New Hampshire 100 years ago, where he now makes his home. Chicago Public Radio calls Andy a “boisterous Internet activist.” The Chicago Tribune calls him “Chicago’s own…political activist.” He has forty-four years of background in radio and television. He is the author of “Obama: The Man Behind The Mask” [www.OrangeStatePress.com] and he produced the Internet film “Obama: The Hawaii’ Years” [www.BoycottHawaii.com]. Andy is the Executive Editor and publisher of the “Internet Powerhouse,” www.ContrarianCommentary.com. He comments on local, regional, national and international events with more than four decades of investigative and analytical experience both in the USA and around the world.

 

Andy has been a leading corruption fighter in New Hampshire, Illinois and American politics and courts for over forty-five years. [www.AndyMartin.com] He is currently sponsoring www.AmericaisReadyforReform.com. See also www.FirstRespondersOnline.us; www.EnglishforAmerica.org

 

He holds a Juris Doctor degree from the University of Illinois College of Law and is a former adjunct professor of law at the City University of New York (LaGuardia CC, Bronx CC).

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2 Comments
  1. Mitt is a liar permalink

    A Managed bankruptcy takes months to implement, during at which time the auto industry would have been dead. Tell me please, what company or companies had any rescue funds to put toward the auto industry at the time to rescue it where would they have received the financing to do so. Who at the time believed that it would have a chance of survival. Your entire argument is moot.

    • It did take months to do Obama’s managed bankruptcy. You are denying reality. The issue is not moot, because taxpayers are still on the hook and Obama is lying about Romney’s rescue proposal. Romney provided for private capital to receive loan guarantees. What part of reality don’t you see? Andy Martin

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