When the history of American capitalism is written, the chapter on Detroit will detail a tale told by idiots signifying nothing but hot air and incompetence. thirty years ago when the initial oil shock hit the United States any normal business executive would have examined the future and decided it was time to rethink the nature of what type of cars should be manufactured in the United States. Instead of exploring ways to produce cars which were fuel efficient, the brainless boy wonders of Detroit continued putting out gas guzzlers and allowed the rest of the world to capture the market for cars which obtained more miles to the gallon of gas. Democratic Party leaders made clear to Detroit business executives there would be no money until they put forth an economic plan that made sense.
The Canadian government which is concerned about automobile production agreed with Senator Reid and House Speaker Pelosi that it was better to wait a few weeks and discover if Detroit could furnish evidence they had a viable economic plan for the future of cars. As Nancy Pelosi put it: “It’s all about accountability and vitality. Until we can see a plan where the auto industry is held accountable and a plan for viability on how they go into the future, until we see the plan, until they show us the plan, we cannot show them the money.” Well said.