First We Take Manhattan Then We Take Detroit*

First Wall Street and now the automotive industry. Detroit first failed to respond to the 1970's oil crisis, giving the Japanese automakers a chance to establish a strong foothold in the US market. Thirty years later, never having learned its lessons, the US auto industry is teetering on total failure and bankruptcy. I understand that there are a lot of jobs at risk but why should the taxpayers bail out GM, Ford and Chrysler after 30 thirty years of myopic business decision making. Better we should negotiate a deal with Toyota and Honda to take over these companies.

* With apologies to Leonard Cohen.