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.
I agree with a lot of this. And its Mitt Romney. Bail out detroit - but help with financing the bankruptcy, not with a check to keep a broken companies going. And cap executive payment under the reorganization to get people that GIVE A SHIT in there turning things around, a la the Delta bankruptcy and turnaround.
