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How Detroit Drove into a Ditch

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The Wall Street Journal article "How Detroit Drove into a Ditch"

This situation doesn't stem from the recent meltdown in banking and the markets. GM, Ford and Chrysler have been losing billions since 2005, when the U.S. economy was still healthy. The financial crisis does, however, greatly exacerbate Detroit's woes. As car sales plunge -- both in the U.S. and in Detroit's once-booming overseas markets -- it's becoming nearly impossible for the companies to cut costs fast enough to keep pace with the evaporation of their revenue. All three companies, once the very symbol of American economic might, need new capital, but their options for raising it are limited.

In all this lies a tale of hubris, missed opportunities, disastrous decisions and flawed leadership of almost biblical proportions. In fact, for the last 30 years Detroit has gone astray, repented, gone astray and repented again in a cycle not unlike the Israelites in the Book of Exodus.


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I have a subscription to the WSJ and I will read the entire article today.

I do think this excerpt makes a valid point.

To their point ... I love my '97 Eldorado but my '95 Jaguar XJS convertible has been far less troublesome...

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