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View Diary: Same BS, different day: Mitt Romney still not admitting he was wrong on Detroit (95 comments)

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  •  Don't give him the guarantees (0+ / 0-)

    What Mitt said in his 2008 op-ed was that "[t]he federal government should provide guarantees for post-bankruptcy financing and assure car buyers that their warranties are not at risk."  In other words, he wanted the federal government to guarantee that future car buyers could get car loans after the automakers' finance arms collapsed, and to back-up car owners' factory warranties on their cars.  These would be guarantees to make car consumers whole and confident.  They wouldn't have made GM's and Chrysler's creditors whole or confident.  Mitt's proposed federal guarantees weren't anything that would have stopped those creditors from seeking to liquidate the automakers in order to get what little they could after the automakers failed to secure non-existent private bail out money in order to stay in business through a bankruptcy process.

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