Jay Bookman: 'I'm with Mitt Romney on the Detroit bailout'
I’ve been reading everything I could find on the proposed bailout of Detroit, trying to come to a definitive conclusion. Part of me wanted to let them fail as punishment for being so blind and obstinent for so long; another part of me worried about the consequences that failure would have, with ripples affecting the livelihoods of millions of innocent people.
Over the last few days, though, it became more and more obvious that Detroit didn’t quite grasp the seriousness of the situation, and that the concessions they were willing to offer wouldn’t be sufficient. Clarity came in reading Mitt Romney’s piece in today’s NY Times, in which he argued against a bailout and in favor of a managed bankruptcy.
Romney’s professional work in private equity and leveraged buyouts, combined with his family background in the auto industry, gave the piece a lot of credibility, and he argued his case well. I found it convincing.
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