Dan Calabrese op-ed in the Detroit News.
GM and Chrysler, perpetually in boom/bust cycles, are turning in respectable performances at the moment. This has has certain political and media types yelping that anyone who opposed the bailouts should apologize. But companies that benefited from billions in taxpayer money while having their debts and long-term obligations wiped out might be expected to enjoy some short-term profitability. Michigan’s economic position will remain perilous as long as we rely so heavily on companies with such erratic track records.
Creative destruction is a necessary element of long-term prosperity. No one had to destroy GM and Chrysler’s dinosaur business practices. They were destroying it on their own. We just had to let them do it.