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CarMax co-founder Austin Ligon argues it was not a bailout of the auto industry but a restructuring.
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-- alive this next fellow would probably.
Agree whipped up both benefited he's the -- -- co-founder.
Accompanied -- -- will be used cards right and getting so one of the biggest the most successful on the planet.
David -- -- -- at a target adults and its properties player here where you think we'd be without that bella.
I don't call the -- I talk about the restructuring because.
When I think of a bailout would -- political -- the studio.
-- -- Armani that would explain a bailout is where you pour money into something and you may or may not get anything what makes this a restructuring -- They didn't just put money into that they win and they took out -- Management can replace management they put new management in place the -- community -- -- -- bankruptcy.
That somebody has to take charge and make that it and they would they -- go through bankruptcy.
But nobody would have been in charge.
The replacement so really bankruptcy judge is not gonna do that.
A bankruptcy was not the option when -- -- says that would have been out of more acceptable option used it not to let Romney doesn't know what he's talking about it's absolutely untrue.
-- what it is ironic that we ended up doing good things he advocated LN.
No it's okay shuttered plants -- laid off a lot of work but what you're doing a bankruptcy the only difference is -- backstop but that it may have.
-- is the difference is that the management at General Motors the management of Chrysler which is run by private equity firm as you know.
We're incompetent they never would have done it and putting money in with them would be putting money that money after good and a bankruptcy car courts not gonna take charge.
Put new management in.
That can dynamically restructure their -- and all that.
Little bit ago it yeah.
I don't think it was ultimately I absolutely knows all of the good because you know bodies at the -- of slippery legal precedent bondholders went to the back of -- It would -- United States effectively firing its CEO.
-- -- -- -- -- -- It did it may have -- addictive nature by about once every seventy or eighty years when you have the collapse of the largest industrial business in the United States.
You have to do some different things and I think it's it's one of things -- Barack Obama doesn't get enough credit for.
Auto sales are up 50%.
Since the time of the restructuring and it's really -- wanted the lead sectors in the economy you have to remember.
Auto sales are 20%.
Of all retail sales so if you talk about a domino like collapse of first.
GM which would have pulled -- the auto supply companies that's what everybody else is worried about because they were even weaker.
And then the auto dealers.
The aftermarket all of that I mean you're talking about.
And it at.
Lehman right now job more than ever known and well what you know is anybody in the auto industry we'll tell you we we were right on the edge of the -- But there were other countries to build public company and -- There were other companies like Ford and Toyota here you know if you aren't they -- you are you misunderstand.
Those companies all -- General Motors go down.
Noting that in that will crush the suppliers to Connecticut president -- the good economic sorted out.
I think this has been actually have a much better economic story to tell the people appreciate that I think one of the things that.
That goes with it is -- I talked about the auto finance restructuring.
Where those of us like -- -- Toyota Ford climax we had great auto portfolios the securitization business is dead the.
Bush Administration tried to fix -- -- point -- hands the Obama folks came in they stuck to it they got it done.
And so the credit started flowing for consumers aren't there more guys like you -- business -- successful business but it.
Well most business guys as you know I'm retired.
And I'm no longer -- of the CarMax.
Most business guys don't want to get involved in politics because we have Tea Party customers we have.
Liberal -- -- customer now but a lot of them were there last week -- Tampa Whitman.
May have been but I am I'm telling you most people don't wanna do that but you're right about that and -- ought to thank you very very expert.
