Op-ed in Wednesday’s New York Times from Mitt Romney:
http://www.nytimes.com/2008/11/19/opinion/19romney.html?th&emc=th
I tend to agree. Bailing out Detroit would ultimately not do much to solve the actual problems Ford, GM, and Chrysler face, such as legacy costs and onerus deals with the UAW. A structured bankruptcy that produces leaner and meaner companies on the back end might be the best way to go. Also, I just hate opening pandora’s box. If the Feds bailout the automotive industry, what about steel? Or the airlines? Or, etc.? It was one thing to try to bail out the financial sector, as the whole economy depends on keeping the cash flowing. But its probably best if free markets and the normal ebb and flow of things are left to decide the fate of individual companies and industries.
