On October 13, 2012, President Obama boasted to Americans in his weekly address that he refused to “let Detroit go bankrupt.”

“[W]e refused to throw in the towel and do nothing,” Obama said. “We refused to let Detroit go bankrupt, I bet on American workers, and American ingenuity and three years later that bet is paying off in a big way.”

Of course Obama was referring to the auto industry – alluding to Mitt Romney’s unfortunate New York Times op-ed headline from 2008.

With the news of Detroit filing for bankruptcy today, his line takes on new meaning.

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