As I’ve said before: Detroit was the vanguard of the way up and it is the vanguard of the way down. And hopefully the vanguard of the way out.
So blame the Little Man at your peril. The lazy blue-collar boozer who had his buddy punch the clock for him. But it’s not that simple. We are all to blame. Remember the assessment of Steve Rattner, the Obama auto czar, gave when he took a look at GM’s books: “The weakest finance operation any of us had ever seen in a major American company.”
After he said that, Rattner was charged by the SEC in a pay-to-play scheme involving the New York State pension system.
Greed, sloth, ineptitude. It’s the American way. Laugh at Detroit and you’re laughing at yourself