Romney Again Says Let Automakers Go Bankrupt

Worth Clicking: Blasts from the past wound Romney

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February 14, 2012

Romney Again Says Let Automakers Go Bankrupt

Mitt Romney writes in a Detroit News op-ed that President Obama should have let automakers go into a "managed bankruptcy" instead of using a federal bailout with taxpayer money.

"Managed bankruptcy may sound like a death knell. But in fact, it is a way for a troubled company to restructure itself rapidly, entering and leaving the courtroom sometimes in weeks or months instead of years, and then returning to profitable operation... By the spring of 2009, instead of the free market doing what it does best, we got a major taste of crony capitalism, Obama-style."

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Taegan D. Goddard is the founder of Political Wire, one of the earliest and most influential political web sites.

Goddard spent more than a decade as managing director and chief operating officer of a prominent investment firm in New York City. Previously, he was a policy adviser to a U.S. Senator and Governor.

Goddard is also co-author of You Won - Now What? (Scribner, 1998), a political management book hailed by prominent journalists and politicians from both parties. In addition, Goddard's essays on politics and public policy have appeared in dozens of newspapers across the country, including the Washington Post, USA Today, Boston Globe, San Francisco Chronicle, Chicago Tribune, Philadelphia Inquirer and Christian Science Monitor.

Goddard earned degrees from Vassar College and Harvard University. He lives in New York with his wife and three sons.

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February 14, 2012