Who should be bailed out?

In a forthcoming ad due to air in Michigan Romney defends an earlier oped piece he wrote in 2008 arguing against the bailouts that Detroit should be allowed to go bankrupt.

“Mr. Romney says he always favored what he calls a “managed bankruptcy” for the auto companies that would have allowed the businesses to restructure and emerge stronger than before. He criticized Mr. Obama for choosing what he called a “bailout” of the industry that benefited big labor unions.”

What do you think of Romney’s critique of the bailouts? Do you think the bailouts benefitted labor unions? How would Romney’s notion of “managed bankruptcy” have impacted the economy?

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