The pros and cons of the automobile bailout and considerations about the growing value of gasoline have been a political football during this election season. So, it must come as no shock that the car market was brought up much more than a handful of occasions in last night's heated presidential debate.
Approximately a minute into the debate, the topic was raised by President Obama when asked a question about unemployment. The President's solution : "I want to create manufacturing jobs in this country yet again. Now when Gov. Romney stated we ought to let Detroit go bankrupt, I explained we're going to bet on American employees and the American vehicle industry and it's coming back."
Romney countered by pointing out that Obama followed the Governor's advice made available in his New York Occasions editorial " Allow Detroit Go Bankrupt" from 2008. Romney stated that the President did, in simple fact, let Chrysler go bankrupt, and pointed out, "My strategy was to have the company go via bankruptcy... and come out much better." Obama retorted that Romney's see of taking the automakers into bankruptcy did not present them with any way to keep open, and would have lost a million jobs in the process.
The candidates also spoke on energy and oil production, principally in response to concerns of not too long ago spiking gasoline rates. The President pointed out that oil production on federal land is at its highest in 16 many years and natural gasoline production is at its highest levels in decades. Romney responded by saying that total oil production is down 14 % as a result of cutting licenses for drilling. In addition, Romney criticized Obama for blockage of the Keystone oil pipeline.
Surprisingly, yesterday's bankruptcy filing of A123 Methods was not brought up, though Republicans, including Romney, have criticized the Obama administration's investment in electrical vehicles as nicely as grants and loans for battery makers. If Tuesday's Chapter 11 filing was not pointed out last night, it will most surely come up in the days and weeks to come.
Via: Bailout and gas prices hot buttons in Presidential debate
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