Auto Industry Is Saved Thanks To President Obama: Credit Score Rating of 720 or Higher Not Required For Major Purchases

Thank your lucky stars Governor Romney didn't win the presidential election.  His economic principals would have required that anyone with a credit score rating of 720 or below, would not qualify for a basic home loan.

The auto industry has been the backbone of the manufacturing sector in the United States for over 100 years but Mitt Romney said that we should have let Detroit “go bankrupt”. President Obama would have none of that and took a chance on America and loaned GM and Chrysler the money they needed to restructure their companies.

As a result the auto industry has come back even stronger than ever and is now producing more fuel efficient cars and trucks. Had the auto industry be allowed to go bankrupt over 1 million jobs would have been lost and that figure only accounts for jobs directly associated with actual plants that manufacture the cars and trucks themselves. Everyone in this country should be thankful that this bail out happened and the auto manufacturers have paid back their federal loans. So why are some people in this country aggravated with the President for this historic decision?

Just think if the auto industry really had been allowed to go down the drain as presidential candidate Governor Romney would have done if he was sitting in the oval office.

Besides all the jobs that would have been lost on the car assembly line, what about the factories around the country that make the raw materials that go into the processing of the car parts themselves? While we are on that subject, what about the lost jobs in the plants that take the raw materials and build the car parts?  How about the fact that banks would have raised their minimum credit score rating for basic purchases like homes and cars?  This would have had an incredibly detrimental effect on the country.

Take it one step further and remember that it takes truckers to transport all these raw materials and car parts between factories and the actual car assembly plants.

Now let’s look at the damage that would have been done on the retail side of things. How many car dealerships would have gone under? How difficult would it have been to get parts to fix the millions of cars already on the road? What would it have cost the average consumer to buy cars in the first place. Would there be a backorder process to wait for cars to be built.

It seems pretty obvious who is working hard to keep America strong and saving our auto industry, the very essence of what makes America what she is and has been for over a century.