(CNN) – President Barack Obama labeled presumptive challenger Mitt Romney's comments that took credit for the auto industry's recovery as an "Etch A Sketch moment."
"I think this is one of his Etch A Sketch moments. I don't think anybody takes that seriously," Obama said in an interview on ABC's "Good Morning America" that aired Thursday, referencing the now infamous language used by a top Romney adviser in March.
On Monday, Romney said "I'll take a lot of credit for the fact that this industry's come back."
The former Massachusetts governor and all-but-certain Republican presidential nominee said it was his view that the auto companies should go through a managed bankruptcy before government intervention.
"And frankly, that's finally what the president did. He finally took them through bankruptcy," Romney told WEWS-TV in Cleveland.
However, in 2008 Romney penned an op-ed in the New York Times with the headline "Let Detroit Go Bankrupt" that is often cited by Democrats and the Obama re-election campaign as proof Romney would have allowed General Motors and Chrysler to fail.
"People remember his position, which was let's let Detroit go bankrupt," Obama said in Thursday's interview. "Had we followed his advice at that time, Chrysler would have gone under and we would have lost a million jobs throughout the Midwest."
Romney's op-ed argued against federal loans for ailing automakers, and instead suggested a process that would allow them to "shed excess labor, pension and real estate costs."
"If General Motors, Ford and Chrysler get the bailout that their chief executives asked for yesterday, you can kiss the American automotive industry goodbye," Romney wrote.
More recently he said Obama "got to the same place I had suggested" by putting the companies through bankruptcy. But he also accused the president of "crony capitalism" because of protections issued to unionized autoworkers during the process.
GM and Chrysler accepted $80 billion in federal loans as part of the auto bailout, a portion of which came under the George W. Bush administration. Economists argue the federal loan ensured a successful bankruptcy process.
In February, GM announced record annual profit, and regained its position as the world's largest automaker.
– CNN's Gabriella Schwarz and Kevin Liptak contributed to this report.