McCotter comes out swinging at Romney saying that Romney’s championing of the bailout banks and the Wall St. bailout is akin to Obama championing big government and thus they are less rivals than running mates. He argues that the two entities of government, the bailout banks and big government have put us where we are today and they must be restructured yet they refuse to do so.
He also goes on to defend his agreement with the auto bailouts because he says those bailouts have helped Americans keep jobs and it ensured that taxpayer money wasn’t just spent on the bailout banks. He also says that the restructuring that occurred in the auto industry has led to them being more competitive in the 21st century and that losing manufacturing jobs was the alternative. He criticizes his colleagues that worry about supporting manufacturing saying that maybe they don’t have a problem with communist nuclear-armed China being the manufacturing giant in the 21st century. He does.
They also discuss the pledges and his stance on gay marriage:
If GM had restructured itself by filing for bankruptcy protection in the first place, taxpayer money wouldn’t have been wasted along the way. Instead they took taxpayer money several times and when the government finally took ownership of GM, they forced them into bankruptcy. If that’s McCotter’s idea of a successful bailout, especially when GM as of last November still owed 43 billion of taxpayer money out of 50 billion borrowed (and my guess is that they still owe the majority of that), then I’m not sure what he’s thinking.
Read Seton Motley’s analysis of the GM bailout and how well it’s worked out for the company.