Mitt Romney Criticizes Auto Bailout

GOP presidential contender Mitt Romney says bailout was "wrong way to go."
3:36 | 11/09/11

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Transcript for Mitt Romney Criticizes Auto Bailout
Governor Romney good. For the bailout drama that we lived through in this country no state understands it better than the state of Michigan. We're talking -- about your record on that four years ago when you were running for the Republican nomination and the auto industry was suffering you said -- Washington. After the election when the Bush Administration was considering financial assistance for the automated makers -- said no let Detroit go bankrupt. Now that the companies are profitable again after a -- supported by -- -- Republican governor here in Michigan. You said well actually President Obama implemented my plan all law where he. Gravitated to my plan with a record like that seemed to be on all sides of the issue why should Republicans be confident in the -- of -- economic leadership. John I care about the state and about the auto industry like I guess like no one else on the State's having been born and raised here much my parents. -- make their life here I was here in the 1950s and 1960s when Detroit and Michigan was the pride of the nation. I've seen this industry see this -- go through tough times. And my -- some years ago was at the federal government. By putting in place cafe requirements that helped foreign automobiles. Gain market share in the US was hurting Detroit and so I said where is where is Washington they're not doing the job they ought to be doing. My view with regards to the bailout. Was that whether it was by President Bush about present Obama it was a wrong way to go. I said from the very beginning they should go through -- managed bankruptcy process a private bankruptcy process we have capital markets and bankruptcy. It works in the US the idea of billions of dollars being wasted initially. Then finally they adopted the managed bankruptcy I was among others this that we had to do that and then after that. They gave the company to the UAW to give General Motors to the UAW and they -- Chrysler to Fiat my plan. We would have had a private sector bailout with the right the private sector restructuring and and bankruptcy with a private sector got into the direction as opposed to we had with government playing its heavy again. Governor let me follow up. Is part of a larger issue facing your candidacy -- you know. Your opponents have said you've switched. Positions on many issues. It's an issue of character not personal but political you see the capsule they didn't want the last debate when you said. I'm running for office for Pete's -- What can you say to Republicans to persuade them that things you say in the campaign are rooted in something deeper than the fact that you're running for office. At the John I think people know me pretty well particularly in this state. In the state of Massachusetts New Hampshire this close by Utah where I served in the Olympics I think people understand that I'm a man of -- And constancy. I don't think you're gonna find somebody who has more those attributes and I do have been -- the same woman for what he thought it should be cut I get in trouble for 42 years. -- -- I've been in the same church my entire life -- -- -- one company -- for 25 years and I left that to go up but often help. Save the Olympic Games I think it's outrageous the Obama campaign continues to push this idea when you have in the Obama administration the most political. Presidency we've seen in modern history there actually deciding when to pull out of Afghanistan based on politics let me tell you this. If I'm president of the United States I will be true. To my family to my faith and to our country and I will never apologize for the United States of America that's --

This transcript has been automatically generated and may not be 100% accurate.

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