Mitt Romney is right about letting the auto companies declare Chapter 11 bankruptcy. It would let them assess their problems, get rid of untenable contracts that overburden them and set a course for a cleaner, prudent and more productive operation.
I cite the airlines as a successful example. They had given out generous contracts when business was booming. Then came along terrorism and high fuel prices and their balance went to pot. They reorganized and put in some leaner programs and profits reappeared.
The auto companies were bailed out and claim to be making money but still owe the U.S. huge amounts with no adjustment to debt recovery. The American way is to work your way out, not to be permanently backed by the U.S. government. Not to mention the reduced price to GM and Chrysler buyers.
T.G. "Bud" Mahas
Salt Lake City
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