Posts Tagged ‘robert reich’

Motor city is shrinking

4 June 2009

Neil Young saw it all coming in 1981, on his re*ac*tor album:

Everyone has an opinion on GM’s Chapter 11 bankruptcy filing this week, as well as the Obama Administration’s bailout/buyout of the carmaker.   Robert Reich gets it right, I think, in a Financial Times column, “General Motors holds a mirror up to America.” Reich asks what the goal of the bailout is, and rejects a few possible answers before concluding that it’s basically a cushion, designed to give GM’s workers and community some time to adjust to still-harder economic and psychological blows ahead.  People are queasy about the idea of bailouts, but they sense that they could be next and so do not protest too much.

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