Mitt Romney is getting a lot of good press for his brave NY Times article Let Detroit Go Bankrupt:
IF General Motors, Ford and Chrysler get the bailout that their chief executives asked for yesterday, you can kiss the American automotive industry goodbye. It won’t go overnight, but its demise will be virtually guaranteed.
Without that bailout, Detroit will need to drastically restructure itself. With it, the automakers will stay the course — the suicidal course of declining market shares, insurmountable labor and retiree burdens, technology atrophy, product inferiority and never-ending job losses. Detroit needs a turnaround, not a check.
A Time magazine blogger wryly advised Mitt Romney For Auto Industry Czar*.
Here’s the HEADLINE: Big 3 take own jets to grovel for cash
Who’s advising these fat cats?
They did not foresee that flying in a private jet, begging bowl in hand, would be the headline?
No wonder the Big 3 are dying.
Lee Iacocca would not have made this mistake.