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The government should have stayed on the sidelines and allowed the companies to go through what he calls managed bankruptcy. financed by private capital. that sounds sensible, except that it's utter fantasy. michael steele, is that utter fantasy? >> it's not. you have the tale of two automakers at the same time with ford and gm comparatively difficult positions during the height of this economic downturn and how both came through it. the problem with the gm story is that it's not done and the reality of it is the government still owns close to 27% of gm stock. the auto unions own 17 to 18% of ...

Msnbc political analyst and writes for "new york" magazine. gentlemen, i want to start with steve. take a look at something you wrote in today's "new york times." you wrote romney's managed bankruptcy plan, quote, sounds like a wonderfully sensible approach, except that it's utter fantasy. i've heard you say this before, but remind us. what is his plan and would it have killed the auto industry? >> you just heard him say he wanted them to go through bankruptcy and if government needed to help on the way out, they could. the problem with his idea is that if the auto industry had gone into a so-...