Even after Obama took office, GM and Chrysler searched frantically for paths to avoid bankruptcy, including a possible merger. Chrysler held a one-week garage sale of its assets in February 2009, inviting anyone with enough money to bid for parts of the company. No one bit.

Even after Obama took office, GM and Chrysler searched frantically for paths to avoid bankruptcy, including a possible merger. Chrysler held a one-week garage sale of its assets in February 2009, inviting anyone with enough money to bid for parts of the company. No one bit.

Both companies' bankruptcies required money on a scale not seen in legal history. Unlike airlines, which can keep running with much smaller short-term loans while they restructure, automakers need massive amounts of up-front capital to pay suppliers and workers while they build cars; their finance companies need even more to keep making car loans that can bring in revenues. The potential damage wasn't just layoffs; Chrysler executives testified on the first day of bankruptcy that without immediate cash the company risked destroying hundreds of millions of dollars' worth of equipment.

Romney appears to argue that before UAW retirees could get medical care, Wall Street should have been made whole.

ROMNEY LIES!! "Before GM and Chrysler were allowed to enter and exit bankruptcy, the U.S. government swept in with an $85 billion sweetheart deal disguised as a rescue plan." No entity blocked GM and Chrysler's path to the bankruptcy court except their own executives. Had the government not intervened as Romney suggests, GM and Chrysler likely would have been liquidated by their Wall Street bondholders, some of whom held out for a few more pennies on the dollar at the risk of the entire bankruptcy case. One auto industry think tank estimated doing so would have led to 1.3 million job losses and threatened Ford, Toyota and other automakers.

Mike Huckabee lied about Obama growing up in Kenya. Is he a Christian? http://www.youtube.com/watch?v=ZIwhvs9yI1M Does the Huckster place the Republican party above God?

Thou shalt not bear false witness against they neighbor!!! Another commandment forgotten by the GOP! r

Mike Huckabee lied about Obama growing up in Kenya. Is he a Christian? http://www.youtube.com/watch?v=ZIwhvs9yI1M Does the Huckster place the Republican party above God?

Thou shalt not bear false witness against they neighbor!!! Another commandment forgotten by the GOP! r

Thou shalt not bear false witness against they neighbor!!! Another commandment forgotten by the GOP! r