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Jack Welch on why GM must not be bailed out

November 20, 2008

Text: Jack and Suzy Welch

Should the government bail out the U.S. auto industry to keep the players from going into bankruptcy?—Bill VanderMolen, Pittsfield Township, Mich.

How about this instead: The boards of Chrysler and General Motors put their companies into bankruptcy with the clear intent of reorganization and merger.

Detroit bailout: Democrats toughen up

As radical as that sounds, it's the best road we can see to a viable future for the industry.

And yes, the US car industry does belong in the future.

Jack Welch, Jr. was the iconic chairman and CEO of General Electric between 1981 and 2001. Jack and his wife Suzy have written 2 books together. Jack and Suzy Welch look forward to your questions. You can e-mail them and view their new website at www.welchway.com

Image: A General Motors Hummer H2. | Photograph: Ronaldo Schemidt/AFP/Getty Images

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