Yesterday was a red-letter day for American industry. General Motors, the largest private company in the USA, and perhaps the world, filed for bankruptcy. The auto industry in the USA was started about 100 years ago. Now the largest auto-market in the world is reported to be China. It is just a matter of time that Chinese and Indian made cars will be sold in the USA. One report, I read gives three years for the Tata Nanos to be sold in the USA.
As in any failure, there are multiple factors at work. And these factors are usually at work over a long period of time. Here are two articles from the New York Times that reviews the villains of the financial mess. One of the articles written by a respected authority who won a Nobel prize in economics. He could be described as the model of respectable intellectual centrism. http://www.nytimes.com/2009/06/01/opinion/01krugman.html?_r=1&partner=rssnyt&emc=rss http://www.nytimes.com/2009/06/01/business/01lobby.html?_r=1&partner=rss&emc=rss First we laughed at the Soviet Union, claiming America forced them to spend themselves into bankruptcy In the process, did America do the same to itself? The answer obviously depends on who provides the information and how it is analyzed. Also does this similarity apply to us in our own lives? Regards, GL
