Where to start.
First, GM and Chrysler DID go bankrupt. Obama is trying to equate going bankrupt with going out of business, but that likely wouldn't have been the case. Romney needs to point this out. GM could have survived a normal bankruptcy, but they chose money from Obama in return for protection as Obama paid off the UAW at the expense of the bond holders.
Furthermore, Chrysler is now a foreign owned nameplate that builds many of its top of the line cars like the 300, Charger, and Challenger in other countries. Going from a US company to a foreign nameplate resulted directly from Obama's intervention.
And in spite of all of the money and effort Obama spent on this, he didn't fix the real reason that caused GM and Chrysler to go bankrupt in the first place. Namely, nobody was buying their products. In the early 70s, GM had 60% of the US market all by itself. Now, even counting foreign owned Chrysler as a domestic make, the US brands are doing well to get 50% of their home market. I see all of those Obama stickers on Toyotas, Hondas, and other foreign makes. They cheer Obama for supposedly fixing the US auto industry, but still won't buy its products.
Betting on the American workers? Not according to "General Motors is becoming China Motors".
Thankfully, Ford didn't screw over its bond holders in return for bailouts, so I can still support the US auto industry without supporting these policies.
I'm sure you are aware of the subtlety of the rhetoric, but others may not be.
The difference is that GM did not go through a "normal" bankruptcy. Such a bankruptcy would have resulted in a re-negotiation of the UAW contract. As it is, that contract, and the associated extremely high cost of labor, stayed in-tact. Bottom line: tax-payer money was substituted for cutting costs.
So, part of the reason for the need for either a bailout or normal bankruptcy remains. Therefore, especially if 0bama is re-elected, we, the American people, will get a chance to bailout Government Motors yet again!
I don't understand why Romney/Ryan don't present more of the truth about this - it's about the only semi-positive element (at least to 0bama's mind-numbed faithful) remaining in 0bama's record.