Saturday, February 18, 2012

Romney's Old(Back In 2008) 'Let Detroit Go Bankrupt.' He Is Taking Heat Today for It.

  • Good advice.
  • Start over, disfranchisement of  the unions for the first step.
An excerpt from the report.
Both GM and Chrysler did go through just the sort of "managed bankruptcy" that Romney as advocated in his column. The difference is they did it with government support. At the time of the column, the financial crisis had created an environment in which banks were reticent to lend the sort of money the auto companies were seeking. The White House has suggested that the companies thus could not have survived without the government assistance, and would have had to liquidate.

  • Detroit may have to do the bankruptcy whether they like it or not.
  • The state cannot print money like Washington. 

Read more from CBS NEWS by Brian Montopoli. 

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