Delusions about the Detroit Bailout

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Delusions about the Detroit Bailout

As Republican presidential candidate Mitt Romney denounces the government’s largerole in the bailout of two of Detroit’s three automakers, former car czar Steve Rattner wonders who else Romney envisions stepping in.

“As a presidential aspirant, Mr. Romney evidently hasn’t felt a need to be consistent or specific as to what should have been done to address the collapse of the auto industry starting in late 2008. But the gist is that the government should have stayed on the sidelines and allowed the companies to go through what he calls ‘managed bankruptcies,’ financed by private capital,” Rattner, a former presidential adviser,wrote in Friday’s New York Times.

“That sounds like a wonderfully sensible approach — except that it’s utter fantasy.”

Read the rest of the Detroit News piece here.
Or click here to read Mr. Rattner’s original piece on Nytimes.com

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February 25th, 2012|