Mitt Romney: Let Detroit Go Bankrupt

Posted: Nov 19, 2008 7:57 AM
Mitt Romney has a very good op-ed in the NYT today:

IF General Motors, Ford and Chrysler get the bailout that their chief executives asked for yesterday, you can kiss the American automotive industry goodbye. It won’t go overnight, but its demise will be virtually guaranteed.

Without that bailout, Detroit will need to drastically restructure itself. With it, the automakers will stay the course — the suicidal course of declining market shares, insurmountable labor and retiree burdens, technology atrophy, product inferiority and never-ending job losses. Detroit needs a turnaround, not a check.

This further highlights the fact that, should the economy remain a dominant issue, Mitt Romney -- the turnaround expert whose father ran American Motors -- is uniqely qualified and positioned to benefit politically ...