Detroit Automakers: Another Nail in the Coffin
July 9th, 2008 | by Tom Harper |Talk about being careful what you wish for. Detroit has spent countless millions of dollars lobbying against higher gas mileage standards. And it worked. Those congressional prostitutes always bend over when a lobbyist whips out his wallet.
The Detroit automakers got their wish. And now more and more Americans are buying foreign cars that get better mileage. While Detroit kept wailing “weee caaan’t dooo iiiitt,” Japan, Korea, Sweden and Germany (among others) went and did it.
And now, Americans are not only buying fewer cars from Detroit — they’re buying fewer cars Period.
For decades it’s seemed like there was at least one car for every man, woman and child in America. Say goodbye. With gas prices going up and up every day, more American families are switching to what European families have always done: one car per family.
This sucks for Detroit autoworkers, but these changes are inevitable and long overdue. Funny, the linked article expresses sympathy for investors but doesn’t mention anything about unemployed autoworkers. Ooookay. I’ve never heard of people losing their homes or going on welfare because they made a bad investment decision, but what do I know.
Gas-guzzling vehicles, several cars per family, driving by yourself to work (on your 80-mile commute) — it’s time for all of these American icons to go the way of the stage coach. Gas prices will never ever come down no matter how much drilling we do and how many new refineries get built. The oil companies have seen how much they can get; why the F#!$%# would they ever lower the price?
The first energy crisis was thirty-five years ago. It’s long past time to make the changes we should’ve made then.
The author (Anthony Mirhaydari) ends his article with some solid investment advice: “Try adding some light rail to your portfolio.”
