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This analysis of coal use using graphs shows a clear move away from coal in the world, except for two growth markets China and India which account for 60% of the increase in coal use since 2008. India has gone black in its shift to increasing use of coal. China has begun the shift away from coal to address the smog over large urban areas, poor air quality and health impact of coal use. Because China used five times the coal used by India in 2017, the overall impact in China and India is showing a shift away from coal to hydropower, other renewables including solar energy. It is likely that India will make the shift following China's example in the future. 

The trend is clear when one looks at the incremental terawatt hour and where it comes from. The shift is clear to renewables, hydropower, and non fossil uses in the rest of the World and China which account for most of the coal use in the world.

 

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Any Asian conflict involving China would in a few months destroy Apple's value, CEO's would change quickly, and Apple policies change to shift entire production to India and the US in a rapid shift. Tim Cook would be seen as having gambled against America's interests, unresponsive and failing after repeated warnings.  Apple's goal of sourcing from India by 2027 a mere 26% of its iphones, means that a decade after USTR Lighthizer and DJT started the task of reshoring manufacturing to US and allies in 2016, the No. 1 outshoring company would still be making 75% of its dollar value iphones in China. A degree of overconcentration that would make no sense considering that Apple's 75% of manufacturing would be entirely at risk in 2027 after repeated warnings and inaction. The only option for Tim Cook in 2025 is to come up with new goals of shifting a minimum of 50-60% of its dollar value product manufacturing for iphones to India by 2027. . Tim Cook as Apple CEO has done little to prevent the overconcentration of manufacturing in China since 2016. About 10 years after DJT was elected to bring manufacturing back to India or close allies the simple idea of diversification was not implemented. Why? Having set up this system starting in 1998, a system that did not exist before that tiem when Steve Jobs hired Tim Cook with a winning formula to Make in China, a country just emerging from its Communist phase of failed state economy. By 2008 in 10 years the infrastructure was built in a backward largely agricultural economy that was rapidly modernizing under a market economy with state run capitalism under the Communist Party experiment. The Bush Obama 16 years were ones with America not responding to the challenge posed by this new system which could create huge surges in production capacity with focus on key technologies and flood markets. The next decade after 1998-2008 was one of rapid growth of this experiment which combined with design and engineering in the US generated few jobs in manufacturng in the US, but huge profits with huge margins fro a low cost base with a high image and technology innovation product. Lighthizer, Navarro, Jamieson had already sounded the alarm for American manufacturing and loss of jobs in 2016.  America's deindustrialization was becoming a bigger challenge by 2020 so that president Biden continued the policy of reindustrializing. In 2025 China 2025 Plan that was a warning in 2016 is already a reality with China flooding the world in solar panels, and ready to flood the markets overseas with electric cars. Apple may only get a reprieve, this exemption is not the same as the last one. National security is an issue, key technologies need to be protected. There is only one more opportunity to rebuild American manufacturing and keep promises.     ...

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WSJ Jonathan Cheng's interview with David Eun, head of Samsung's Open Innovation Center, in Feb. 2014.

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Tether is a cryptocurrency based out of the Virgin Islands that is pegged to the dollar 1:1. It has $120 billion in assets mostly safe US Treasury bills, and gold, bitcoin. It made $6.2 billion in profit for its owners more than Black Rock largest American asset manager fund. What does this mean? It offers an outlet for trade in oil for Russia and other countries such as Venezuela. At the same time it is useful to people in countries with high inflation such as Argentina and Turkey  where people use it to protect their assets from inflation erosion. When its use is widespread this also results in diversion of funds away from the Treasury as in Venezuela where an oil minister was toppled, says this WSJ report. And at the same time it gives protection to Venezuelans from extreme inflation. How it works- Tether Holdings issues virtual coins to a select number of direct customers, mostly trading firms, who wire real world dollars in exchange for Tether.  Tether buys US Treasury bills with these dollars to back Tether's value. Who runs Tether? Tether's cofounders included a plastic surgeon Giancarlo Devasini. All co-founders sold out to Devasini, who runs it from an enclave in southern coast of France. The company was founded in 2014. Interest was slim in a stable token backed by US Treasury bills. Then in 2020-21 bull run in the stock market traders started using it to buy and sell out of risky bets. It's market capitalization exploded from $4 billion to about $80 billion.  Tether says it avoids illicit transactions. WSJ report says 2713 wallets or about $1.2 billion were blacklisted, this out of $153 billion provided by Tether to its 2 popular blockchains. Rest of the funds already sent on, says WSJ. ...

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Patrick Buisson, a key Sarkozy adviser, who helped him win the presidential election in 2007, says Marie LePen's chances in the 2017 election are dimmer than people realize. Her Front National is popular in the north of France with working class people who formerly voted in favor of the Communist or Left parties. In the south of France in areas like Nice her niece Marion is popular with people who have social views on the right on abortion, and gay marraige. The problem is reconciling these 2 blocs of voters and the way Le Pen appears to have moderated her views on social issues. The opposing candidate from the Right parties formerly led by Sarkozy is Francois Fillon, actually prime minister for the full term of 5 years under Sarkozy. Fillon's views are closer to the FN voters in the south and opposes gay marraige and abortion, and has a strong foothold with Catholic voters in traditionally Catholic France. It is this split that hurts LePen who had hoped to run against Bordeaux mayor LeJuppe. The left parties are in disarray and likely not to be a factor. Another difference is that the voters in the south of FN do not see it the same way as FN voters in the north on issues of increasing the size of the state. Voters in southern France do not favor increasing the size of the state as Le Pen has promised and opposed by Fillon. Fillon has plans to cut France's large state employees by 600,000. France has a large state owned sector of companies and increasing the work week to 48 hours, reducing the state sector size to help private companies with incentives is seen as a way to increase productivity and grow the economy, plans supported by Fillon. A major problem for Marie LePen is her family name of Le Pen which Buisson says people in France associate with her father Jean LePen, and extremist positions. Buisson thinks Marie LePen will never be able to shake off this image in the second round of the election as she loses some of her right wing Catholic support to Fillon, and fails to attract enough working class voters in the north of France because of the family name. ...

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Fairclough describes the experience of Poland inside the EU, but with its own currency, the zloty. Poland's per capita GDP measured by purchasing power was half the EU average in 2006, it is about two thirds in 2011. Growth is expected at 4% for 2011. Poland manufactures goods using lower to medium technological inputs, such as furniture, shoes, and processed foods. The zloty has declined in value by 25% since 2008. This gives Poland a competitive edge in exports. Additonal factors are cited by one manufacturer of furniture, Forte Manufacturing, as helping it remain competitive- ability to close one of five plants, investing in improved machinery to increase productivity, quality and just-in-time deliveries, computer guided machinery, and ability to run his plants on weekends. Central bank governor, Mr. Belka, points to competitiveness as a critical factor for comfort in the eurozone. Limiting budget deficits to 3% of GDP, and the Maastricht criteria isn't all it takes. Also needed is modernizing and improving the economy, and modernizing the banking sector, says Belka. Poland does not have the debt problems of some eurozone countries because of a constitutional limit on government borrowing and deficits. Belka says Poland benefits from having its own monetary policy, ability to adjust interest rates, the zloty able to depreciate against the euro, and not having to share in cost of bailouts. There is considerable opposition in neighboring Slovakia for having to bear the cost of bailouts. Recent surveys show declining support for adopting the euro in Poland- a Sept 2011 poll showed support at 29% compared to 38% in mid-2010, opposition increased from 47% to 53%, in a poll conducted by the Polish Finance Ministry. Risks for Poland are that 75% of the country's banking assets are owned by foreign financial firms, and the potential for a spread of the eurozone slowdown with lower demand. ...

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Sheila Barr is brining her innovative ideas to help homeowners at IndyMac Bank which is being run by the FDIC. It could be a blueprint for the entire industry and is formulated upon a simple idea that a homeowners mortgage payment should not exceed 38% of his or her income. FDIC says those taking part in the fastrack loan modification have seen their monthly loan payments lowered by $430 on average. It is a blueprint for solving the mortgage foreclosure crisis that economists from Martin Feldstein to Hubbard and Alan Blinder think is at the root of the problem in the worldwide financial crisis. Bovenzi, the senior FDIC executive who is serving as CEO of IndyMac is overseeing the effort. He is an FDIC veteran who worked at the agency durng the savings and loan crisis of the early 1980's and 1990's. And one the key lessons from that period Bovenzi and Sheila Barr believe is that debt workouts help lenders and borrowers. A key statistic Bair pointed out in a Sept 17 speech to Congress is that the FDIC's recovery rate on nonperforming loans or loans in foreclosure averages just 32% of a loan's value. If the loan is kept current by making payments affordable and preventing foreclosure the agency has recovered 87%. And Sheila Barr's efforts are the one or two bright spots in an otherwise bleak picture for troubled homeowners, in which the Republicans have ignored two of their last 3 Presidents' key economic advisers, head of the Council of Economic Advisers under Presidents Reagan and Bush senior, Marty Feldstein and Hubbard, and not supported efforts for loan modification to help homeowners avoid foreclosure. Shortsightedness, lack of foresight, or simply not able to grasp the true nature of the crisis....

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India's demographics show one startling fact. By 2020, the average age of Indians will be 29. This is happening just as the rest of the world is aging very fast. In the next 15 years India will have 130 million more people in the 20 to 49 age group. This compares with a shrinking in population of 100 million in that age group in developed countries and China, according to the U.N. Population Division. The problem facing India is malnutrition that runs as high as 43% for children with half the mothers anemic, weak educational system at the primary and secondary school levels especially in the government run schools, lack of good governance in the most populated states such as Uttar Pradesh in the Ganges plains which has 200 million people, the consequent overburdening of cities which have no plans to manage the migration of the rural poor to the cities. India has to find ways to fill the huge gaps in getting better nutrition, education, dignity and sense of opportunity, and work for the growing numbers....

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Spain's prime minister Rajoy, is having difficulty in controlling regional spending. Regional government accounted for two thirds of the amount by which Spain exceeded its deficit target for 2011. Because of its unique decentralized structure after the end of the Franco dictatorship the regional governments account for 57% of Spain's public spending, according to a Professor Gascon at Complutense University in Madrid. The risk is that the regional governments will use the recent decision by premier Rajoy to increase the 2012 deficit target to 5.8% from 4.4%, as a reason to lower their own efforts to reduce fiscal spending. One factor in favor of the Rajoy administration and of budget minister, Cristobal Montero, is that 11 of 17 regional governments in Spain are now run by his Partido Popular, with Asturias and Andalusia expected to join the list in upcoming elections. This is also crucial to maintaining Spain's credibility in the EU after its decision to increase the deficit target for 2012, but keep the deficit target of 3% for 2013, calling it "a sovereign decision of Spain."...

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The US has expanded access to products from China and other countries gradually leading to a loss of US manufacturing over 2 decades. Today both Republicans and Democrats see the dangers of such economic policies for American workers and families. Mr. Trump first raised this issue that has been raised for a decade or more. Mr. Biden realizes what this means for the future of the Democratic party with the loss of manufacturing communities in the US. For this reason the Indo-Pacific Economic Framework and new economic alliances in Asia are being built in a different way. This may not seem much today but as the US shifts its investment, and the European Union shifts its investment, to home countries and countries in Asia and Latin America, Africa, till 2030- 2040 over two decades this will create huge opportunities for the US, Europe, India and other partners in the free world. It is a mistake to think that a better life for the people of the free world can be built on the mistaken idea that the loss of American manufacturing communities was somehow acceptable. The sudden failure of the trade policy with China after the loss of so many American manufacturing communities shows that in the long run only policies that benefit both American workers and foreign workers will work and deserve support. The return of US manufacturing and European manufacturing to US and Europe must therefore be the very foundation of our effort and with it can evolve the building of manufacturing communities in friends in the free world such as India and other Asian, Latin American and African countries.  For India this is the kind of policy that Mohandas Gandhi would have chosen because of his broad and deep knowledge of the world and how it works best, he would have seen policies that benefit American manufacturing communities needed as much as building manufacturing communities in India. The ripping up of manufacturing communities in the US and Europe and what it has done to American and European workers and families, as has happened with globalization, would have been abhorrent to Mohandas Gandhi. This is why the Indo-Pacific Economic Framework and economic alliance in Asia starts with the right principle even in its basic form, with the hard work of all and creative ideas creating the right solution for the Free World as it evolves to 2040. With respect for all, opportunity for all, confidence of all, efforts of all. ...

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Costco's money saving strategies. Says Sinegal, son of a coal miner, "the biggest concern to me is that we lose our way and start thinkig it doesn't matter if you charge another dimeor another dollaar or another hundred dollars. Wihtout those disciplies, we don't have anything." Costco looks at every small saving, a penny here, a dime there. Savings in bananas, savings in pallets, savings in truckers time and trucks, on and on it goes. Costco gets three quarters of its operating profits from its membership fees of $50 to $100 from its 29 million members and it cannot afford to lose members who leave because bargains are not there or prices are not absolutely low for quality products. Sinegal is challenging Costco people to come up with new ways to save and pass on te savings to customers and where suppliers raise prices looking for alternative sources as with Bonita bananas fro Ecuador.

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That former Fed chairman Volcker considered CEO attestation a critical part of the Volcker Rule is reflected in his advice about its implementation- to keep broad and let the responsibility for seeing that the proper activity takes place on bank management. CEO attestation is now part of the final form of the Volcker Rule requiring CEO's to sign off that the financial firm is in compliance. It may lead to a sequence of attestations or sub-certifications from business heads to upper management in actual practice, says Joseph Grundfest at Stanford University. The Financial Stability Oversight Council, created under the Dodd-Frank legislation, proposed this requirement saying that the rule require" public attestation by the CEO that compliance standards are continually being met." The WSJ points out that 5 of the FSOC's members are also top officials at government agencies writing the Volcker Rule. Jacob Lew, Treasury Secretary, leads the council. Lew says about the individual accountability of the top executive- "it puts in place strong compliance requirements that require those in charge of financial institutions to make sure that the 'tone at the top' sends the right signals to the whole firm."...

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Contrary to earlier media reports of Mr Naimi the Saudi oil minister saying that the market was healthy and "well balanced" and that no cuts were expected, it turns out that after extensive debate the OPEC ministers agreed on a cut of 520,000 barrels a day or less than 1% of the world's oil supply. It would put OPEC production back to 32.7 million barrels a day same as the first 3 months of 2008. This was done to avert excess supply in the market but Algeria's oil minister said that this would not affect the downward trend in prices as buyer nations in USA and Europe had already built up supply inventories from weaker demand. Iran, Libya and Algeria argued that there was a supply glut or imbalance from reduced demand. OPEC President is Chakib Khelil of Algeria. Russia's top energy ministers and head of Roseft attended ths OPEC meeting. Sechin head of Rosneft Russia's largest oil company run by the government said tht Russia is preparing a memorandum of understanding for deeened cooperation with OPEC. At tis point OPEC supplie 40% of the world's energy, Russia supplies another 11%. ...

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Experts say about 110,000 votes separate Hillary Clinton and Donald Trump in the three states of Michigan, Wisconsin and Pennsylvania that decided the 2016 presidential election in the U.S. giving Trump the win. Post election reflection in the Democratic party points to a disconnect between the establishment in both parties and the white working class. It is described as something that was not thought enough about even though as pointed out in Lyrarc, and in The Washington Post by columnists, and in news coverage about the inequality movement long before Bernie Sanders appeared in 2015. In the period when banks were favored over millions of homeowners facing foreclosure in 2010-2014, the surging stock market and the zero to to half percent interest on savings that hurt savings of most of the working class and lower middle class without stock investments, and the continuing problems in communities facing job losses from trade for the third decade. The hollowing out of the regions in Ontario from job losses from the Canadian industry helped Justin Trudeau win the Canadian election. In this election it helped Trump in crucial midwestern states, combined with a degree of indifference shown by establishment Democrats. Former Vermont governor Howard Dean is planning to run for chairman of the Democratic National Committee. Bernie Sanders says he backs Minnesota Rep. Keith Ellison to be the next chair of the DNC. Jeff Weaver, campaign manager for Sanders, says the problem lies in what has been clear for some time now "that the centrist wing of the democratic party has no standing with working class and middle class  voters in this country." In 2016 only 51% of union households supported Clinton the lowest since 1980, 43% supported Trump. Obama won 59% of union households in 2008 and 58% in 2012 to 40% for Republican Romney. Trump picked up 3% of union households, Clinton lost 7% of union households, creating about a 10 point gap that would be magnified in industrial states where union jobs are concentrated, for about 18% of the people who voted in the election, enough to create the shortfall in Michigan, Wisconsin and Pennsyslvania. Fed chairman Janet Yellen pointed out the problems at an Inequality conference in Boston in 2014, pretty stark in its reminder that inequality had surged to levels not seen since the depression of the thirties, with 62 million households having a net worth of $11,000. Krugman and other economists had pointed this out on the pages of the NYT. Yet the post election reflection in the media is as if this is some special insight when it was clear for all to see, and covered in depth in Lyrarc for years since 2008. There is voter fatigue after 8 years of one party in power as pointed out by Obama campaign strategist, David Axelrod. The loss of union enthusiasm made the task of  a third term for the Democratic party even more difficult.     ...

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Ford gains market share in California, as Toyota and Honda's share of the market declines. Ford's market share is up 2 percentage points on the east and west coasts compared to 5 years ago, according to R.L. Polk data. The Ford Fusion sales for the first half of 2013 are up 18% over the prior year and exceed 300,000. Growth in the coastal U.S. markets comes from the 2013 Fusion, the C-Max, hybrids, and the redesigned Escape. Cars and crossovers are especially important in coastal markets. In the past Ford depended mostly on SUV sales in the midwestern markets with imports dominant in coastal markets. This is now changing with models like the Fusion and hyrids introduced by Ford. With it the image of Ford is also changing, as buyers in California are among the most affluent and culturally influential in setting trends.

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George Walden reviews "Opium and Empire" by Richard Grace, which focusses on the origins of Jardine, Matheson & Co., the British firm run by two Scottish traders Jardine and Matheson. This firm was at the centre of the trade in opium carried out on the black market in China using opium brought from India. It paid for the shipping expenses to take tea and silks brought back in the British market. The confiscation of a shipment of opium in Canton, China, by a Chinese Commissioner led to the first of the opium wars. This ended with the Treaty of Nanking in 1842 negotiated by Foreigh Secretary Palmerston giving Britain possession of the island of Hong Kong. It was the long history of such depredations, including the Japanese invasion in the 1930's that led to the nationalism and rise of Communists led by Mao in China by 1945.

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After going into bankruptcy in 1994, the Orange County Employees Retirement System, decided to be much more careful about investing. Its also run by adiverse mix of board members representing union, management and taxpayer backkgrounds. There is a tension about investing at OCERS asmany opinions are taken into account. Steve Delaney heads OCERS. He says that even when equitieswere booming OCERS stayed away from high risk equities. As aresult even as the DJ average reached 10,000 CALPERS shows a 21% loss with 63% of assets in equities, and OCERS shows a8% loss with 38% in equities. The board at OCERS accepted that it would not make big profits on the upswing and not suffer big losses on the downswing. Orange County had achance three years ago to join CALPERS but stayed with asmall Orange COunty Pension Fund and now feel vindicated for their strategy.

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More details about Akio Toyoda and his father Shoichiro Toyoda. Yoshi Inaba is expected to be akey advisor and Shoichiro will be advising his son, as the idea is to mentor him for the new position while the elder Shoichiro still is in good health. Akio is hands on, and likes to drop in without any publicity, anonymously, to look into how things are going and see for himself. He did this at an Ann Arbor dealership last summer, and has dropped in on Jim Lentz, a senior executive in the Americanoperations in the same way. He is unpretentious and can mix with younger exectutives and talks directly in English. He is expected to be more involved in the global operations of Toyota, to travel widely and introduce diversity into Toyota's executive ranks, which have remained Japan centric all these years for a company that is so global.

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At the height of the Eurozone crisis in December 2011, David Brooks points out that it is important not to forget what the Germans are saying in this crisis. They are arguing for truth in accounting, which the government in Greece failed to do, and which may have more to do with negative opinion in the media and with the public in Germany about Greece than any other factor. They are arguing against speculative excesses that enabled Greece to borrow recklessly. And they are making the argument that the only way to put the finances of the eurozone on a sound basis is to have the financial discipline that is necessary for a sound currency. Anthony Faiola pointed out recently that one estimate for tax evasion in Italy is $340 billion a year- Washington Post, 11/25/2011. Greece has a similiar problem, which needs to be addressed. This view has credibility and the backing of every principle of sound financial practices, irrespective of country or region. For ordinary Germans who have gone through years of wage restraint during the period of high unemployment, their attitude is captured in one German workers response to Greece's situation - when she said there are "poor children in Germany also." Years after reunification were a difficult experience for Germany, and left parts of the country still affected by the experience. The period of high unemployment is still a fresh memory, as the economic recovery is fairly recent. There is a feeling that the situation is precarious, depending on exports, as the 2009 downturn showed. These facts remain even when one considers the criticism levelled at Germany. Germany benefitted from the bubble in the economies of Southern Europe through surging exports- from a currency that was undervalued in relation to neighbors- because of the common currency. German banks lent heavily to Greece, Ireland, Italy, Spain, and Portugal, along with French and British banks, and bear responsibility for reckless lending and not doing due diligence for loans to Greece and other countries. Germany also carries the burden of memories of hyperinflation in the 1920's, and the sense along with France that partnership is necessary for peace in Europe. Germany's position on austerity measures also has one underlying weakness - if this leads to shrinking economies in southern Europe in the name of fianncial discipline, then the plan fails as tax revenues decline and budget deficits increase. Given this experience Germany faces the challenge of convincing neighbors of the need for good governance and sound spending practices for long term stability of the currency, even as it leads the effort for providing short term funding. In the short run this reaps criticism for Germany, including criticism for some members such as Greece having to leave the euro as a way to regain competitiveness and growth. Experts have suggested that this would be a better option for Greece than a shrinking economy after strong austerity measures, and the referendum proposed by former prime minister Papandreou on strict austerity measures is likely to have gone in this direction. ...

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Jazan is one of the cities that is supposed to come right out of a 40 square mile area on the Red Sea coastline right out of desert scrubland. It is planned to hold a $30 billion industrial zone that will be a place where hundreds of thousands of people live. It will hold a $4.5 billion aluminium smelter run by China's Chalco., and aslo hold a steel plant and an oil refinery. Currently the area is near a mountainous area which has 1.2 million people with about 20% unemployment.

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Financing for Shanghui's acqusition of Smithfield Foods comes from Morgan Stanley, which will provide $3 billion. Morgan Stanley is the advisor on the deal and plans to sell debt to other banks, including Chinese banks. Shanghui has as its largest shareholder a number of Chinese private equity firms grouped together under CDH Investments, with 33.7% stake. This includes New Horizon Capital, co-founded by the son of China's former premier Wen Jiabao. Temasek Holdings of Singapore and Goldman Sachs private equity unit have ownership stakes. According to its website managers and some employees own 30% of the company. Shanghui sales were $6.2 billion in 2012, increasing from $5.5 billion in 2011, and has 60,000 employees. The sales are much smaller than Smithfield Foods but Shanghui has a much larger valuation.

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Risks to the economies of western Europe through the banking system and its lending to Eastern European economies are growing. The Easter European economies that are collapsing are Europe's version of the sub prime crisis in the USA. This may ricochet back to the United States as European institutional investors pull money out of the US stock market. Europan banks could suffer a further increase in nonperforming loans, and need further recapitalization from their governments, which are already hardpressed by demands for shoring up the social safey nets, stimulus spending and bank rescues. Big institutional investors in Western Europe, the banks, pension funds and insurance companies, hold large amounts of Eastern European debt, and further infusions of capital from western governments would put increasing pressure on the Euro.

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The S&P 500 was down 41.9% in 1931 and 38.6% in 1937. In 1974 it was down 29.7%. What was it down by in 2008. In 2008 the S&P 500 was down 45.5%. This matched what happened in the Great Depression and we are not through 2008 yet as one can see from what is happening to the share price of Citigroup, other banks and the Detroit automakers. It a hell of a year and the errors during the Great Depression were different but there are errors in policy and in managing the crisis in this one also. For example the announcement by the Treasury Secretary Paulson that none of the money in the bailout will go towards buying mortgage securites may have led to renewed doubts about Citigroup's portfolio of toxic assets. The failure of the banks and other companies to get the uptick rule reinstated also ends up causing a run on the stocks of faltering companies exaggerating the impact of any doubts and creating a need for government help. Whern the history of this is rewritten the management of this crisis and the policy making will also be faulted in amanner that the Great Deprtession policies were faulted but for different reasons. The failure to address foreclosures early in 2008 as Martin Feldstein repeatedly urged in the WSJ since the early months of 2008 and continues to do so, and as other policymakers like Sheila Bair at FDIC have urged repeatedly, will be one of these major errors. Any failure to address the automakers cash funds crisis for operating expenses both with money and with the proper conditions could also go out of control and cause a major unemployment crisis in the midwest that could spread to the rest of the country. The NYT editorial took note of this on November 22, 2008, asking for funds however distasteful the behaviour of the automakers management may be. See this link. And public opinion could get the managemnt to resign or this could be a condition for signing onto the bridge loan from the government. In this particular issueof automakers Detroit automaker's management's serious errors will be written about years from now which combined with any indecision or slippage on the part of awmakers could lead to the economy and unemployment spiralling out of control, because so much is happening at the same time. It comes at atime when the storm is shifting to the consumer side to credit card and other consumer loans even as it is continuing to take its toll on the housing sector in the USA and on exports and the auto industry and other sectors around the world. ...