"Because of what we did, the auto industry is rising again. ... At the time, many people thought the president should just let GM and Chrysler go under." But the president "certainly wasn't going to abandon an industry that had meant so much to our economy...."
Can the vice president have forgotten that both GM and Chrysler did go under on this administration's watch and at its urging? Chrysler filed for bankruptcy protection at the end of April 2009, despite an earlier $4 billion loan from the federal government, and General Motors followed it into bankruptcy a month later. To quote that noted economist Casey Stengel, you could look it up.
The reorganization and revival of both those corporate giants might have been cleaner and quicker, and certainly easier on the taxpayers, if Chrysler and GM had been allowed to fail sooner, and then had been reorganized without all that government help/interference/general mucking about.
I say might have been. Because we'll never know for sure -- hypotheticals are only hypotheticals, and history can't be rewound and played again with a different ending to see what an alternative policy might have produced.
But that's still no reason to obscure the history we do know, tossing any inconvenient facts down the memory hole lest they interfere with the smooth flow of a campaign speech. In this case, the omissions include those two bankruptcy filings Mr. Biden seems to have forgotten -- or assumes the rest of us have.
By the time this column appears in print, the president will have done his own variation on the same theme; these campaign strategies are well orchestrated. Even if the administration's ever-changing policy as Chrysler and GM collapsed wasn't.
This much is common knowledge: Both these automakers, whatever their size and connections and importance, all of which are considerable, richly deserved to fail -- as the millions of Americans who bought all those Japanese and German imports over the years can testify. Which is how a competitive market is supposed to work -- for the benefit of the consumer and the competitors themselves, who are obliged to improve their product in order to survive. (Anybody in the newspaper business these days ought to know how that works.)
Instead of improving their product, GM and Chrysler improved and expanded their dependence on government -- till even the government lost patience and ushered them into bankruptcy, albeit at still more public expense.
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