Let Them Go Bankrupt!

According to Bloomberg, the Federal Reserve of Philadelphia is projecting that Michigan, the epicenter of President Obama’s socialist takeover, is expected to lead the nation in economic growth over the next six months.

From northern Michigan’s iron mines to Pennsylvania’s natural-gas fields, the industrial heartland of America is humming with jobs again as a region once left for dead recovers faster than the rest of the U.S. [...]

The economies of Michigan, Indiana, Ohio and Pennsylvania — all states Obama won in 2008 — have improved faster than that of the U.S. since the recession’s depth in April 2009, according to the Philadelphia Federal Reserve. Michigan is expected to lead all 50 states during the next six months, the Fed data show. [...]

Economic recovery in so-called Rust Belt states may bolster re-election chances for Obama, who pushed the U.S.-backed bailout of General Motors Co. (GM) and Chrysler Group LLC, both based in Michigan.

It’s not a stretch to say that if the president had followed Mitt Romney’s advice, we would not be reading the same story.

Let Detroit Go Bankrupt

IF General Motors, Ford and Chrysler get the bailout that their chief executives asked for yesterday, you can kiss the American automotive industry goodbye. It won’t go overnight, but its demise will be virtually guaranteed.

Without that bailout, Detroit will need to drastically restructure itself. With it, the automakers will stay the course — the suicidal course of declining market shares, insurmountable labor and retiree burdens, technology atrophy, product inferiority and never-ending job losses. Detroit needs a turnaround, not a check.

Good job, Mitt. You sure called that one.

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  • muselet

    Also, too:

    “As to what to do for the housing industry specifically, there are things that you can do to encourage housing. One is, don’t try to stop the foreclosure process. Let it run its course and hit the bottom. Allow investors to buy homes, put renters in them, fix the homes up and let it turn around and come back up.”
    –Mitt Romney, 17 October 2011
    editorial board meeting, Las Vegas Review-Journal

    Seems to me that Mitt Romney gives a lot of really bad economic advice.

    –alopecia

    • stacib23

      But, but, but – Mitt said he was a very good businessman. What’s up with that?

    • jimtowndem

      what do you mean bad economic advice. it seems to me that that is good advice. the folks who went backrupt and lost the home lose everything. the investor who buys for pennies on the dollar and then rents it a high rates makes a fortune. how is that bad advice.

      • mrbrink

        Disaster capitalism.

        That’s the Mitt Romney model. One family’s misery is another man’s goldmine, and when your like-minded cronies blow up the bubble, then bust it, then pick the bones for use as human toothpicks, it’s a sick society that allows it.

  • Ned F

    Well, I can’t speak for the other states, but here in PA it’s all because we elected Governor Corbett and Pat Toomey for senator. Now when we vote out Bob Casey we’ll just explode. Yup, common wisdom here. On the other hand, listening to the Gov and our now dominant Repub legislature, we’re flat broke, have to cut millions from education, children’s health care, place a 2000. max net worth before qualifing for food stamps, sell off our (union dominated) state liquor stores and enact a voter ID law. And don’t dare tax or regulate the Fracking industry.

    Is PA really recovering faster? Honestly I had no idea.