There is a new and absolutely outstanding column in the New York Times from Mitt Romney concerning the proposed bailout of the American automobile industry. If I thought NYT wouldn’t have a cow, I’d just copy and paste the entire article; it really is a gem. But I’m allergic to cease-or-decease letters, so I’ll just quote chunks.

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Romney calls for GM and Ford to sink or swim on their own–gutsy talk from a member of a political party that traditionally chummies up to Big Business.

“Without that bailout, Detroit will need to drastically restructure itself…Detroit needs a turnaround, not a check.”

He calls for tough measures…

“Their huge disadvantage in costs relative to foreign brands must be eliminated”

The cost of domestic car manufacturing in America increases the cost of each car by an estimated $2000. This is caused largely by the cost of benefits and wages given to American car makers. To make American cars economically competitive with foreign cars, therefore, $2000 of features are cut from them. Romney calls for a realignment of benefits and wages from both labor and management to improve this.

“Management as is must go”

Preach, brother, preach! Upper management in Detroit has been criminally shortsighted and blindly clinging to outmoded business models.

“The enmity between labor and management comes to an end…accepting sanity in salaries and perks”

Again, too much “me, me, me” going on. Labor contracts for the auto industry have nothing short of criminally negligent. When both labor and management expect and get reasonable wages and perks, that will go a long way toward a healthier industry.

“Investments must be made for the future”

He calls for vastly increased energy research, and for the domestic car industry to show at least some of the energy that foreign manufacturers have put into electric and hybrid vehicles. He also calls for not taking out pay and benefit cuts on the dealerships that sell their cars.

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This is a hell of an op-ed column. Pass it on.