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Mitt Romney's insistence that the bailout part of the auto rescue was a big mistake, while the managed bankruptcy that followed was all his idea, has provoked responses from scorn to laughter, but mostly just plain "no." On CBS This Morning, GM CEO Dan Akerson adds his voice, diplomatically but firmly, to the "no" contingent.

"I don't believe [GM would have survived without the bailout] for one simple fact," Akerson said. "There was no risk capital at the depths of the great recession that would have been put into what was viewed as a pretty risky investment at the time."

In case Akerson saying the bailout was necessary for GM's survival isn't a direct enough statement that Romney is wrong, what about Romney's opposition to the bailout specifically?

When you step back and look at the bailout, there were two separate presidents, President Bush and President Obama, two Treasury Secretaries, two administrations, that saw the wisdom of how important this industry was to America and its economy. We comprise between, the automotive industry comprises about 3 to 3.5 percent of the total GDP of this country. So to have essentially ceded the basic infrastructure, manufacturing infrastructure of this country and this industry I think would have been a very short-sighted decision.
On the one hand, the notoriously accurate and honorable Mitt Romney isn't backing down. On the other hand, you have economists in both parties, the Bush and Obama administrations, Michigan's Republican governor, and the CEO of GM saying the bailout was necessary. Gosh. Tough call.


Originally posted to Daily Kos Labor on Mon May 14, 2012 at 09:02 AM PDT.

Also republished by ClassWarfare Newsletter: WallStreet VS Working Class Global Occupy movement and Progressive Hippie.

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