At a recent appearance in Detroit, a city which is falling apart at the seams after decades of Democratic Party rule, Ms. Clinton stuck up for the Obama administration’s auto industry bailouts while making an underhanded jab at Mitt Romney.
Dan Merica of CNN reported:
Hillary Clinton subtly swipes at Mitt Romney over auto bailout
Hillary Clinton cribbed a page from President Barack Obama’s playbook on Thursday by taking a swipe at Mitt Romney’s 2008 oped, “Let Detroit Go Bankrupt.”
At an event outside Detroit, where the former secretary of state endorsed Democrats Mark Schauer and Gary Peters, Clinton spoke glowingly of their support for the 2008 auto bailout that invested billions into the United States struggling auto industry.
“Now, they could take the safe way, they could line up with those saying ‘Let Detroit go bankrupt,’ let manufacturing just wither away,” Clinton said to a chorus of boos. “They could be on the side of those who were criticizing what they called government motors.”
Though Clinton never mentioned Romney by name, the comment appeared to be directed at him, as well as Schauer’s and Peters’ Republican opponents.
Romney unsuccessfully ran for president in 2012 and famously wrote on opinion-editorial for The New York Times in 2008 that urged letting the big three auto companies — General Motors, Ford and Chrysler — go into a structured bankruptcy.
“If General Motors, Ford and Chrysler get the bailout that their chief executives asked for yesterday, you can kiss the American automotive industry goodbye,” Romney wrote. “It won’t go overnight, but its demise will be virtually guaranteed.”
Maybe Hillary is right. After all, Mitt Romney has only been correct in about 99.9% of the predictions he made during the 2012 election.
As long as we’re on the subject, how is General Motors doing these days?
The investor site Seeking Alpha offers some insight:
General Motors’ Problems Are About To Get Worse
- Shares of General Motors have fallen in light of the recalls but stronger sales have helped to support the company.
- Strong sales may be a result of recall customers coming into the dealerships and big discount programs – both unsustainable over the long-term.
- Not only are high sales numbers likely unsustainable, the company has had to issue stop-sell orders on many new models which may further hurt its reputation.
Investors in shares of General Motors (NYSE: GM) have seen prices drop by nearly a third since the beginning of the year but strong new car sales have helped to ease the pain. Even if the company can move past its problem with the recall, investors may be facing an entirely new problem. Sales are likely being pulled forward as millions of customers come back into the showroom. Dealers may find it harder to meet expectations next year and earnings downgrades threaten the shares.
Osama bin Laden may be dead but General Motors is barely alive.
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