“When my opponents and others were arguing that we should let Detroit go bankrupt,” President Obama said in Cleveland Thursday, “we made a bet on American workers and today our auto industry is back on top of the world.”

This is true. Obama’s opponents, including Mitt Romney, did argue that General Motors and Chrysler should go bankrupt. But what Obama consistently leaves out of the story is that he did, in fact, let GM and Chrysler go bankrupt.