Rodney K. Smith: Auto bailout highlights differences between Mitt Romney, President Obama

Romney, on the other hand, is left to argue what might have been. Based on his experience, he asserts with confidence that the automotive industry would be more profitable and the taxpayers would be in a stronger position if they would have gone through a structured bankruptcy with government capital in the form of a loan. He looks at the current unemployment rate of about 12 percent in the automotive industry and argues that employment in the industry would be higher today under his approach, because the industry would have a more competitive workforce and organization.

The debate over the automotive industry, therefore, is an illuminating example of the differences between the candidates. The electorate must choose between a community organizer, who believes in organized labor and government intervention in the interest of fairness, and a businessman, who believes that individuals and businesses are the better sources of economic prosperity and jobs.

The differences with regard to the bailout are significant and tell us much about the candidates and the direction they each will take our nation if elected.

Rodney K. Smith is a Distinguished Professor of Law at Thomas Jefferson School of Law in San Diego.