Friday 24 July 2009
It’s amazing the hoops the auto industry had to jump through. The humiliation they had to suffer compared to what the financial sector dealt with. The auto industry has been vilified as dinosaur-like or fully incompetent, whereas the financial sector has pretty much gotten a blank check. GM and Chrysler have had to submit all kinds of elaborate plans for restructuring, and they had to argue for their long-term viability. JP Morgan and Goldman Sachs never had to go through that. In this culture there is something about people who make things, they have a much lower prestige than people who trade in fictitious capital. Doug Henwood ☀
