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Is This Detroit's Last Winter?

This is the thanks you get for creating the middle class, Henry. In the throes of the biggest auto swoon since 1931, the headmen of Detroit go hat in hand to Washington to try to keep their once mighty industry upright for a couple of months and are treated as if they had invented the four-wheel-drive subprime mortgage. AIG torpedoes the entire economy and gets a $150 billion handout; Citigroup takes risks no sane manufacturing company would even contemplate and is rewarded with a $20 billion federal bailout. And the car guys?

full article here

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I read the article last night...full of errors, incl. they stated that in '84, Chrysler introduced the minivan and the Cherokee (AMC introduced the Cherokee then). Probably written by a 20 something that doesn't know anything about cars except for their Prius.

The same issue also has a good article about the current state of SE Michigan, pretty sad. I have fond memories of my 3 years in the state back in the '90s.

Edited by moltar

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following article is an interesting way of looking at what is happening now.

Many Americans are struggling to understand how our government makes decisions on corporate bailouts. When Wall Street companies spent years investing in mortgages that turned out, essentially, to be garbage, the government rushed to bail them out. But when the auto companies neared a similar fate, the government was prepared to stand by and let them perish.

To aid in understanding this situation, it is helpful to look at an example from a galaxy far, far away.

The rest of the story

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