Mitt says, “Let Detroit go Bankrupt”
I agree with Mitt Romney. The only way the Big 3 (more like the Big 2.5) will ever survive is to restructure via bankruptcy. The current union contracts and management system are going to kill the industry even with a government bailout.
The American auto industry is vital to our national interest as an employer and as a hub for manufacturing. A managed bankruptcy may be the only path to the fundamental restructuring the industry needs. It would permit the companies to shed excess labor, pension and real estate costs. The federal government should provide guarantees for post-bankruptcy financing and assure car buyers that their warranties are not at risk.
Mitt is right and I hope people listen.