Let Detroit Go Bankrupt
Governor Mitt Romney in today's New York Times:
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.Read the whole thing. Romney's advice sounds like a balanced, judicious approach as opposed to what seems like a knee-jerk reaction on the part of Obama and his allies.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.