Rattner: No Alternative to Auto Bailout

Former Obama Car Czar Steve Rattner isn't backing down - he insists that the Romney campaign is wrong in suggesting there was no private capital alternative to a government bailout of the auto industry.

That's not a hypothetical, that is a fact... it would have been government money or it would have been nothing.

... if it had been nothing... the companies would have run out of money, they would have closed their doors, they would have liquidated, and they would have layed off hundreds of thousands of workers... that is a fact.