...oh well better late than never. So after billions of dollars in bailouts and constant hand ringing from the Obama administration both Chrysler and GM are going bankrupt. Of course if we had followed Mitt Romney's lead six months ago we could have been well on the way to a restructured GM by now.
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.
In a managed bankruptcy, the federal government would propel newly competitive and viable automakers, rather than seal their fate with a bailout check. - Mitt Romney from Nov '08
Think we can get our collective $85 billion spent on Detroit back?
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