I’m afraid that my prediction for the demise of either Ford or Chrysler in 2008 (see “2008 Predictions“) is on the cusp of becoming reality for both – Ford first, with Chrysler soon to follow. (GM may survive for a couple more years.) Ford was already 100% leveraged. They had nothing left to offer up as collateral for loans to survive any more losses, much less such enormous losses as the one just reported in this article.
It’s just terriby sad to witness the destruction of American manufacturing – companies that were pioneers in building America into what was once the wealthiest, most powerful, most envied nation on earth. Now we’ve become a hollowed-out shell, like the crust of a cicada left behind on a tree trunk, a ghostly reminder of the life that once was. Now we’ve become an object of pity, a down-and-out skid row bum at the end of our rope.
Isn’t globalization grand?