"It would have been best had the auto companies gone through the bankruptcy process without having taken $17 billion from government."I have written on this subject before and explain and reference things more fully here. Blinfolded law professor swings and misses at the auto bailout pinata.
In short, there was no private financing available and/or willing at that time and both companies would have been tossed into liquidation where lawyers would have fought over the scraps for years and by the time they were done none of it would matter. Yes it was unprecedented and legally questionable. But the alternative was utter economic chaos.
GM and Chrysler would have been joined in bankruptcy by many other struggling automotive suppliers due to the loss of business and the turmoil would have disrupted all the other domestic automobile companies as well, sending hundreds of thousands if not millions of people into sudden unemployment in an already staggering economy. The shock waves would have decimated cities and entire States and eventually the entire American economy. Kaput. Instant Depression.
So for Romney to look back now and compare the $17 billion cost to some Utopian alternative reality he dreamt up that had zero chance of happening in order to criticize the Obama administration is just silly. It shows how it doesn't take a very sophisticated message or even a coherent one to impress the GOP base these days. The rage and anger have diminished the cognitive skills.
I voted for Mitt in the 2008 GOP primary in Michigan. But based on his analysis regarding the auto bailouts, I don't think he's smart enough to be President.