Once Upon a Car

November 7, 2011
NY Times Detroit Bureau chief Vlasic (Taken For a Ride) delivers a devastating account of auto industry arrogance, ignorance, and tragedy. Brought down by unsustainable legacy costs, poor planning, and weak product, Detroit CEOs shocked the nation in November 2008 when they waltzed into Congress cap-in-hand. Despite public opposition to more bail-outs, bankruptcy reorganization for GM and Chrysler wasnât far away. As Southern Senators protected foreign companies like Toyota that opened plants in their states, GM and Ford found themselves hampered by union contracts and federal regulations. Unable to compete with subsidized imports, they attempted to offset their auto sector losses with a disastrous plunge into mortgage finance services. It remains to be seen whether Vlasicâs examination of mismanagement in this former economic bedrock proves to be a litmus case for the economy as whole. (Oct.) Agency: Dystel & Goderick