Detroit's Financial Issues Mirror The Auto Industry - No Long Term Planning

Unless Detroit Mayor Dave Bing has a magical rabbit to pull from his hat -- like a stunning capitulation from city labor unions on cost-cutting, or a sudden surprise approval of Detroit's deficit elimination plan by Michigan's Treasury Department -- Bing and his city are on the verge of enduring the same agony as Detroit's auto industry.

Bailout. Bankruptcy,New CEO.

Further contraction, with thousands of job losses.

Sorry to sound so apocalyptic, but the parallels between Detroit's immediate fiscal crisis and the auto industry's recent scary spiral into bailouts and bankruptcy are so striking that it's almost impossible to imagine the city stabilizing without a cataclysmic shakeout first.

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uaw_lax - 11/19/2011 5:39:13 PM

-1 Boost

The auto industry is pretty strong, cars are selling with few rebates most companies are investing and hiring workers. Another pointless article.