Let Detroit Go BankruptMarch 30th, 2009 | Comments Off | Posted in Bailout, Bain, Bain Capital, Business Acumen, Detroit, Mitt Romney
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Do we even need to say “We told you so?”
CEO Waggoner is gone, they are talking pre-packaged bankruptcy, Larry Kudlow at CNBC is going ballistic over the need to restructure the auto industry’s cost structure and lo and behold, Mitt Romney looks like a rocket scientist because he flat out nailed it in his Op-Ed piece in the NYT, that goes back to November of last year.
As you now, we are all unabashed Mitt Romney partisans here at Committed to Romney and today’s developments clearly demonstrate why that is so.
~~John Cronin~~
The New York Times
Op-Ed Contributor
By: Mitt Romney
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.

