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Mitt Romney: “Let Detroit Go Bankrupt“

Romney, a former governor of Massachusetts, ran for the Republican presidential nomination this year. He is the son of former Michigan Governor, American Motors chairman and 1968 presidential candidate George W. Romney and 1970 Michigan U.S. senatorial candidate Lenore Romney.

by Mitt Romney

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.

Read the rest of the article [The New York Times]