Mitt May Be Right ...

The leaders of the big three automakers spent Wednesday waiting for word from lawmakers in Washington on whether or not Congress will give the go-ahead for a $25 billion bailout to help stave off potential bankruptcy.But many people are wondering exactly what would happen if Congress does nothing, and an automaker slips into bankruptcy. Depending on who you ask, the answer could be doom and gloom or a reason for cautious optimism.

If the former Massachusetts Governor, and Presidential candidate, Mitt Romney had anything to say about it, as he has been in making the news circuit over the past 18 hours, he’d let them all go bankrupt.

“If General Motors, Ford, and Chrysler get the bailout that their chief executives asked for yesterday, you can kiss the American automotive industry goodbye. It won’t go overnight, but its demise will be virtually guaranteed. Without that bailout, Detroit will need to drastically restructure itself. With it, the automakers will stay the course … 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.”

Romney went on to talk about the role our government has played in the potential demise of the big three. His comments pretty much echo those we shared here, at the Rouge Revival blog, on November 12th. The article “U.S. Auto Industry Alternative Solutions” discussed the death grip that “Café” Standards has around the entire U.S. Auto Industry’s collective throats.

For additional Romney comments, as well as a spot on analysis, please click on the link below, for last night’s Talking Points Memo on “The O’Reilly Factor.”