Dominic Rupprecht writes:
But Mitt Romney has a prescription (I promise, last doctor allusion) for Detroit: let the Big Three go bankrupt. As Romney, who happens to be the son of the man who saved American Motors, notes, "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." A bailout will reward incompetent managers and keep the Big Three operating at a severe disadvantage to their foreign competitors. It will come at a high cost to the taxpayers. And it won't solve the problem.
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