Pouring money into Detroit
A nice editorial by
Thomas Friedman at the N.Y. Times:
While Detroit Slept
As I think about our bailing out Detroit, I can�t help but reflect on what, in my view, is the most important rule of business in today�s integrated and digitized global market, where knowledge and innovation tools are so widely distributed. It�s this: Whatever can be done, will be done. The only question is will it be done by you or to you. Just don�t think it won�t be done. If you have an idea in Detroit or Tennessee, promise me that you�ll pursue it, because someone in Denmark or Tel Aviv will do so a second later.
Why do I bring this up? Because someone in the mobility business in Denmark and Tel Aviv is already developing a real-world alternative to Detroit�s business model. I don�t know if this alternative to gasoline-powered cars will work, but I do know that it can be done � and Detroit isn�t doing it. And therefore it will be done, and eventually, I bet, it will be done profitably.
And the money quote:
...our bailout of Detroit will be remembered as the equivalent of pouring billions of dollars of taxpayer money into the mail-order-catalogue business on the eve of the birth of eBay...
And it looks like the bailout is going to pass. Idiots!
Posted by DaveH at December 11, 2008 3:06 PM