Here's what I'm reading about the auto industry crisis and how it will affect Michigan
November 20, 2008
It's too easy to have my attention diverted away from the auto industry crisis that could flatten Michigan even more than it is now. It's gray and cold outside, but for many their world is getting turned upside down.
For me, I feel it's important to follow this issue in as many parts as I can. Here in mid-Michigan, the pain is being felt and I'm sure it will become excruciating for many. Local institutions and individuals need to make plans to respond in a way that helps.
My reading list which I will add to during the day:
- Average people in Detroit are getting real nervous--this is a series of profiles of average persons in Detroit who have jobs toppling at the edge of an economic cliff. They know change is coming and that it will affect their lives. It's worth reading.
- UPDATED: GM Chairman Rick Wagoner's quote from Detroit Free Press story about consequences of not getting loan--"We have run right out of capital," GM Chairman Rick Wagoner said."Without an injection of capital, some portion, if not all of the
domestic industry, will not survive."
- UPDATED: Mitt Romney, whose dad brought the old American Motors back to health, is against giving the loans to the auto industry, according to the Detroit News. He says the auto companies needs the protection of bankruptcy. He calls it tough love. I'd be more impressed if he would agree to live in Flint after bankruptcy is filed.
- UPDATED: This Associated Press story quotes Oakland County's Brooks Patterson who says auto company shutdown(s) would create a "nuclear winter" in Michigan. Hyperbole?
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