Dear Commons Community,
With the Michigan Presidential Primary a week away, the New York Times has republished Mitt Romney’s op-ed piece entitled, Let Detroit Go Bankrupt. Originally published on November 19, 2008, it basically advises the Detroit automobile industry (GM, Ford, Chrysler) that the best thing they could do is to declare bankruptcy and restructure:
“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.”
Given that all three automakers have bounce back well (GM recently had its best quarter ever last), Romney is busy having to explain his business “acumen” to Michigan voters.
Romney sounds a little like President Gerald Ford in 1975 who in essence said “drop dead” in terms of helping New York City out of its fiscal crisis. The comment cost Ford his re-election. Will it cost Romney the primary in Michigan or should he win, cost him the presidential election should he be the Republican nominee.