Bankruptcy, not bailout, will save the American motor industry
(NEWSER) - If you want to maintain an automotive industry in the US, writes Mitt Romney, giving the Big Three a bailout is the last thing you should do. In an op-ed for the New York Times, the former Massachusetts governor (and Michigan native) says that GM, Chrysler, and Ford need a managed bankruptcy followed by radical restructuring. A bailout will only encourage the industry's worst excesses, and in a few years "you can kiss the American automotive industry goodbye." More»
