In case you haven't read the NY Times Op-Ed article Romney wrote Let Detroit Go Bankrupt
Romney states how the Auto companies should not go for the Government Bridge loans they are seeking, but rather file bankrupty and restructure.  Romney states,

"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."

I think this is a brillant chance to prove how restructuring can change the economy around.  If Mitt was given the chance to do this with the auto industry and it was a success (which is would be), I'm sure it would be a great glimpse for American's to see how restructuring our government would turn the economy around. 
 
Go Romney 2012!