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Down with the Auto Bailout!
Mitt Romney, a native son of Michigan, has some tough love for his home state on the op-ed page of today's New York Times: "Detroit needs a turnaround, not a check." Romney's father turned GM around as its chief in the 1950s. A "managed bankruptcy," says Romney, is the only way to turn it around again. It will allow American automakers to address "their huge disadvantage in costs relative to foreign brands." Generous retiree benefits up the price tag of American cars by over $2,000. It would also allow for an overhaul in management. "New faces," Romney writes, "should be recruited from unrelated industries — from companies widely respected for excellence in marketing, innovation, creativity and labor relations." And, lest you doubt Mitt's credentials: "I love cars, American cars."
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