Mitt Romney: Let Detroit Go Bankrupt

In today's NYT Op-Ed, Mitt Romney argues eloquently that Detroit needs a turnaround and not a check. With bailout checks, the companies will be able to largely perpetuate the status quo leading ultimately to the demise of the auto companies. Without a bailout, Detroit will need to drastically restructure itself. In a managed bankruptcy, the federal government would propel newly competitive and viable automakers, rather than seal their fate with a bailout check.

Please note that Mitt Romney's father, George Romney, was an automobile executive who once turned led a successful turnaround at American Motors (by focusing on smaller cars). George Romney was Governor of Michigan during 1963-1969 and was a US Presidential candidate himself in 1968. George Romney served in President Nixon's cabinet as US Secretary for Housing and Urban Development during 1969-1973.