The US Auto Industry is going the way that the British Auto Industry went in the 1970's, but this time it could bring the house down. We just heard that the talks with the Auto men from Detroit and the US Government failed last night.
Market Crashes around the world as the US Auto Industry takes a long hard look at the reality of running out of road.
So what is happening?
I got this emailed to me from my brother in Singapore earlier this week, and is part of the problem in the game of Car Wars -
I saw something very amusing on TV last night on CNBC, the US Business TV channel.
In the evening here, they wrap up the news from Asia and Australia, and the also review the markets in Europe, and the then cross over the US for a pre-market update.
Anyway, they then went over to review the day from Sydney, and they interviewed an Aussie banker from Nomura Securities (Japanese Investment Bank) and the reporter asked this Australian guy, what was his opinion on the problems with GM, Chrysler and Ford.
The guy responded, "I will not give my opinion, but give you the facts, 1. They make crap cars, 2. No one wants to buy this crap, 3. These crap cars drive like a bag of spanners, 4. These crap cars all look hideous."
He said it with no emotion.
The shocked reporter then asked " you sound quite negative on the Detroit 3"
He then replied, " Would you drive a Dodge ?"
It was almost comical, if it was not so desperate
It looks like the US Auto Industry has hit the wall and the effect on the world is worrying, very worrying.
More Photos from gizmodo.com are available here
5 years ago