Former Massachusetts Gov. Mitt Romney has an op-ed in the New York Times today that does a fantastic job explaining why bankruptcy, rather than a bailout, is the best hope for a Big Three turnaround:
"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."
Click here to read the full article.
Or, for those who prefer, here's a summary of the piece from FOX News:
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