Both Mitt Romney and Barack Obama agreed about something in the third presidential debate, both agreed a transcript should be checked, and so we do.
The transcript is here, the video of the entire third and final debate is here and the segment in question below:
ROMNEY: I just want to take one of those points, again, attacking me as not talking about an agenda for - for getting more trade and opening up more jobs in this country. But the president mentioned the auto industry and that somehow I would be in favor of jobs being elsewhere. Nothing could be further from the truth.
I'm a son of Detroit. I was born in Detroit. My dad was head of a car company. I like American cars. And I would do nothing to hurt the U.S. auto industry. My plan to get the industry on its feet when it was in real trouble was not to start writing checks. It was President Bush that wrote the first checks. I disagree with that. I said they need - these companies need to go through a managed bankruptcy. And in that process, they can get government help and government guarantees, but they need to go through bankruptcy to get rid of excess cost and the debt burden that they'd - they'd built up.
And fortunately...
(CROSSTALK)
OBAMA: Governor Romney, that's not what you said...
(CROSSTALK)
OBAMA: Governor Romney, you did not...
ROMNEY: You can take a look at the op-ed...
(CROSSTALK)
OBAMA: You did not say that you would provide government help.
ROMNEY: I said that we would provide guarantees, and - and that was what was able to allow these companies to go through bankruptcy, to come out of bankruptcy. Under no circumstances would I do anything other than to help this industry get on its feet. And the idea that has been suggested that I would liquidate the industry, of course not. Of course not.
(CROSSTALK)
OBAMA: Let's check the record.
(CROSSTALK)
ROMNEY: That's the height of silliness...
(CROSSTALK)
OBAMA: Let - let - let's...
(CROSSTALK)
ROMNEY: I have never said I would liquidate...
(CROSSTALK)
OBAM: ...at the record.
The op-ed in question, via The New York Times, it is headlined "Let Detroit go Bankrupt" and here is what Romney recommended:
But don’t ask Washington to give shareholders and bondholders a free pass — they bet on management and they lost.The American auto industry is vital to our national interest as an employer and as a hub for manufacturing. A managed bankruptcy may be the only path to the fundamental restructuring the industry needs. It would permit the companies to shed excess labor, pension and real estate costs. The federal government should provide guarantees for post-bankruptcy financing and assure car buyers that their warranties are not at risk.In a managed bankruptcy, the federal government would propel newly competitive and viable automakers, rather than seal their fate with a bailout check.
Romney was right and Obama lied.... again.
Previously, Obama's lies from the third debate about Romney's education initiative in Massachusetts, HERE.
