Let Detroit Go Bankrupt

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This is an opinion item.

Author(s) Mitt Romney
Source The New York Times
Date November 18, 2008
URL http://www.nytimes.com/2008/11/19/opinion/19romney.htm
Quote
Quotes-start.png "A managed bankruptcy may be the only path to the fundamental restructuring the industry needs. It would permit the companies to shed excess labor, pension and real estate costs. The federal government should provide guarantees for post-bankruptcy financing and assure car buyers that their warranties are not at risk. In a managed bankruptcy, the federal government would propel newly competitive and viable automakers, rather than seal their fate with a bailout check." Quotes-end.png


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This item argues against the position United States should bail out the automobile industry on the topic Economic crisis of 2008.