Former Massachusetts Gov. Mitt Romney â whose father once ran American Motors â says he opposes a bailout of the American auto industry and believes bankruptcy may be the only path to solvency for the Big Three automakers.
In an opinion piece published in Thursdayâs New York Times, Romney states that if General Motors, Ford and Chrysler get the bailout the companies have sought from the federal government, âyou can kiss the American automotive industry goodbye â¦ Its demise will be virtually guaranteed.
âWithout that bailout, Detroit will need to drastically restructure itself. With it, the automakers will stay the course â 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.â
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