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<\/a>Washington<\/em>\u2014 Republican Mitt Romney believes President Barack Obama is holding on to the government’s stake in General Motors to avoid an embarrassing financial loss before the election, and says he’d sell the stock quickly if he wins the White House.In a wide-ranging half-hour interview with The Detroit News, the presumptive GOP nominee also said he’d review pending rules that will require automakers to almost double fuel efficiency requirements by 2025, and believes Detroit may need a leadership change in order to fix its nagging financial problems.<\/p>\n As part of the government’s GM bailout, the U.S. Treasury still holds a 26 percent stake in the Detroit automaker, and has been sitting on that share for 35 months.<\/p>\n “There is no reason for the government to continue to hold (its GM stake),” Romney, a Detroit native and son of an auto executive, said Friday.<\/p>\n “The president is delaying the sale of the shares to try and avoid the story that the taxpayer took another loss. I would get the company independent from government and run for the interests of the consumer and the enterprise and its workers \u2014 not for the political considerations of government officials.”<\/p>\n At GM’s Monday closing price of $21.11 a share, the government would lose $16 billion on its $49.5 billion bailout.<\/p>\n A Treasury spokesman declined comment Monday on Romney’s declaration. But last month, Tim Massad, the assistant Treasury secretary who oversees the GM stake, told The News the government has no timetable for selling its GM stock.<\/p>\n “We have to balance maximizing recovery for the taxpayers with the speed of exit,” he said.<\/p>\n Obama campaign spokesman Matt McGrath said, “The last time Gov. Romney weighed in on the future of the auto industry, it was to suggest that we let Detroit go bankrupt, a betrayal no Michigander is likely soon to forget. As someone who was dead wrong about the industry’s present, Mitt Romney is the last person who should be offering advice about its future.”<\/p>\n “There is no reason for the government to continue to hold (its GM stake),” Romney, a Detroit native and son of an auto executive, said Friday.\u00a0 And as for electric vehicles, Romney said the government is attempting “to force a market to adopt a technology that people aren’t interested in.”<\/strong><\/p>\n<\/div>\n Romney said the Democrats are “distorting” his record on the auto bailout, whose government-imposed conditions included filing bankruptcy.<\/strong><\/p>\n “If they needed help coming out of bankruptcy and government support, that was fine, but I was not in favor of the government writing billions of dollars in checks prior to them going into bankruptcy,” he said.<\/strong><\/span><\/p>\n On another issue, Romney said he would reconsider what Obama has called one of his key domestic achievements: nearly doubling fuel-efficiency requirements to 54.5 mpg by 2025.<\/p>\n The Obama administration won the support of most automakers \u2014 including Detroit’s Big Three \u2014 for the 2017-2025 rules that will cost the industry $157.3 billion and add about $2,000 to the price of an average car. But it will save drivers $1.7 trillion at the pump.<\/p>\n Romney said he’d seek “a better way of encouraging fuel economy” than corporate average fuel efficiency (CAFE) mileage requirements “as the sole or primary vehicle,” he said.<\/p>\n “The best approach is to try and build vehicles that people want, rather than having the government telling the companies what they must make,” he said.<\/span><\/strong><\/p>\n “I would work with the manufacturers to find ways to encourage fuel economy on the part of the consumer. But trying to have the manufacturer push the product on the consumer \u2014 that the consumer doesn’t want \u2014 is not the right approach.”<\/span><\/strong><\/p>\n And as for electric vehicles, Romney said the government is attempting “to force a market to adopt a technology that people aren’t interested in.”<\/p>\n Asked to weigh in on Detroit, Romney said the city may need new leadership to turn around.<\/p>\n “I am convinced that anything is possible in America and I have watched Detroit suffer year after year after year,” he said. “My own experience is if an enterprise of any kind continues to suffer over a long period of time, it is a result in large measure of a failure of leadership, and I am sure prior leaders did their best \u2026 but if a leader can’t get things going, it’s time to bring in a new leader.”<\/p>\n Romney said he isn’t prepared to say if the state should play a bigger role, but said someone should be given a chance to remake Detroit.<\/p>\n “A strong leader with a clear vision should be given a shot to turn the city around, and if he or she can’t get the job done, someone else should be given that opportunity,” he said.<\/p>\n A spokeswoman for Bing said the mayor had no comment.<\/p>\n Romney expects to return to Michigan “a great deal, and fighting a campaign to win” the state.<\/p>\n “The people of Michigan recognize that the president’s policies and Gov. (Jennifer) Granholm’s policies did not work to get people back to work and they want to see a different course taken,” Romney said.<\/p>\n Granholm rejected that.<\/p>\n “Gov. Romney obviously hasn’t read a Michigan newspaper lately. President Obama’s intervention saved the auto industry and has made Michigan the comeback story of the country,” she said. “No one will forget that Mitt Romney urged letting Detroit go bankrupt.No one will forget that Romney stabbed his home state in the back in our hour of need.<\/p>\n “And his trickle-down, laissez-faire approach to the economy would take us right back to those dark days.”<\/p>\n ~\u2020~<\/p>\n Posted by Donna Calvin \u2014 Tuesday, June 05, 2012<\/p>\n ~\u2020~<\/p>\n Please share this Watchwoman post on your Facebook page, Linkedin, Google+1, Twitter to all your friends, Please click \u201cLike\u201d, Share, and Leave Comments.\u00a0<\/strong><\/p>\n Visit Word Warriorette, a free Yahoo Group, and subscribe to be notified (one email a day) of new posts on Watchwoman.<\/strong> ~\u2020~<\/p>\n ~\u2020~<\/p>\n","protected":false},"excerpt":{"rendered":" Romney vows quick U.S. exit from GM ________________________________________________________________ At GM’s Monday closing price of $21.11 a share, the government would lose $16 billion on its $49.5 billion bailout. Washington\u2014 Republican Mitt Romney believes President Barack Obama is holding on to the government’s stake in General Motors to avoid an embarrassing financial loss before the election,…<\/p>\n","protected":false},"author":403,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[556,3100,486,599,485,557,435,1367,701,704,223,463,1121,2746,174,4681,1354,1114,1430,35,450,678,2710,4982,156,1920,484,101,1516,173,133,2379,3896,2838,806,1802],"tags":[436,5260,5259,5262,5261],"class_list":["post-15858","post","type-post","status-publish","format-standard","hentry","category-auto-industry","category-big-brother-is-here","category-big-business","category-big-government","category-big-lobby","category-business","category-communism","category-deceptions-and-lies","category-democrats","category-economics","category-economy","category-elections","category-failed-policies","category-good-vs-evil","category-jobs","category-liberal-antics-backfire","category-liberals","category-mitt-romney","category-news-2","category-obama","category-politics","category-presidential-candidates","category-stock-market","category-success-vs-failure","category-take-action","category-taking-america-back","category-taxes-2","category-tea-party","category-u-s-debt","category-unemployment","category-unions","category-vote","category-voter-guide","category-wake-up-america","category-warning","category-you-decide","tag-gm","tag-gm-bailout","tag-gm-stock","tag-taxpayer-took-another-loss","tag-u-s-treasury-still-holds-a-26-percent-stake-in-the-detroit-automaker"],"yoast_head":"\n<\/a><\/a><\/p>\nRomney on fuel efficiency<\/h3>\n
Weighs in on Detroit<\/h3>\n
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\nhttp:\/\/groups.yahoo.com\/group\/WordWarriorette\/<\/a><\/p>\nDISCLAIMER: Beliefnet puts paid advertisements on \u201cWatchwoman on the Wall\u201d blog site including some that would never be approved of by the King James Bible, Pastor Ernie Sanders of Doers of the Word Church, What\u2019s Right-What\u2019s Left Radio Ministry, the Voice of the Christian Resistance, Geauga County Right to Life and Donna Calvin.\u00a0 We at www.WRWL.org<\/a> do not condone, endorse, adhere to, practice or believe in many of the topics and some of what other bloggers promote or their religions at Beliefnet.\u00a0 However, Mrs. Calvin has no control of what Beliefnet displays.\u00a0\u00a0 She blogs at Beliefnet because she is in the missionary field ministering to true believers posting articles and commentaries informing pro-life, conservative Christians of recent anti-Christian acts and hostile legislation to God\u2019s Agenda and His Will for the world.\u00a0 Hopefully, unbelievers will read these along with the salvation message of Jesus Christ as written in the Gospel of John, Chapter 3, according to the King James Bible, and be saved.\u00a0 A missionary must go into the unbelievers\u2019 territory to reach them.\u00a0 Her mission is to Proclaim Warning to a Nation that has forgotten their Lord and Savior Jesus Christ, the only Truth, the Life, and the only Way to the One God the Father.<\/em>
\nRead more: http:\/\/blog.beliefnet.com\/watchwomanonthewall\/?p=4928<\/a><\/em><\/h6>\n