Manny Lopez is the guy in charge of auto coverage over The Detroit News. And it looks like the paper’s Head Cheerleader has pommed his last pom. “Failing to match revenue with expenditures or supply with demand has pushed Detroit’s automakers to the brink of extinction in varying degrees. Certainly, layoffs, plant closures and restructuring plans are steps in the right direction, though they’re long overdue and unable to make a significant difference today.” Uh-oh. Lights out, Manny? Of course not. Even the title of Manny’s dietribe [sic]– “Repairs to auto industry can’t wait”– promises RX for Motown. And make no mistake: the scribe knows the stakes. Well, he knows someone who does. “‘Too many people, falsely, think the auto industry doesn’t matter to them or their state. And they’re dead wrong. It matters to every state,’ U.S. Rep. Joe Knollenberg, R-Bloomfield Hills, told me Tuesday. ‘It matters to America. The saying is still true: What’s good for GM is still good for America.'” OK, Manny, fire away. What should your hometown heroes do to pull the fat from the fire. “He’s absolutely right, but America won’t care until we fix what ails us here, first. And we’ve got to find a way to do it today, not tomorrow.” Yes, yes. What now? Manny? Manny? Hello?
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The saying is still true: What’s good for GM (GM going into Chapter 11 Bankruptcy to restructure) is good for America.
no_slushbox – how true
While all the journo’s and pol’s are stating the obvious, no one has yet to state a clear plan to get GM out of its own flaming pile other than to throw money on it. The clear exception to this has been Mr. Farago, the site contributors, and the B&B.