I take it back…bail them out!
Awhile ago I found myself agreeing with Mitt Romney’s column in the New York Times that we shouldn’t bail out Detroit. This felt weird. Recently, I’ve changed my mind (this feels better to me) and while I think that, in normal times, bankruptcy protection might suffice to get the industry back on track, I quote Professor Bob Forrant from his last podcast on UML Sunrise, that these aren’t normal times. Experts seem to agree that the worst of the financial downturn started when Lehman Brothers was allowed to fail and similar ripple effects on credit, jobs, housing, consumer spending and consumer confidence will be even worse if Detroit goes down. It seems that, this time, we can’t afford to let them fail.
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