Flint Expatriates: Drive-by economics

Tuesday, May 27, 2008

Drive-by economics

The New York Times tells us how the housing meltdown is "sideswiping" the auto industry and hurting Michigan:

"Auto lenders and banks, closing their wallets, have prevented hundreds of thousands of consumers from obtaining the financing for a car. Home equity loans, which had been used in at least one of every nine deals, when lenders were more generous, are no longer a source of easy money for many prospective buyers. And used-car prices have fallen nearly 6 percent as repossessed cars and gas-guzzling trucks and S.U.V.’s flood auction lots."

2 comments:

AnonymousMay 28, 2008 at 6:12 AM
Ford is cutting 10-12% of white collar jobs due the economy (gas prices).
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Gordon YoungMay 31, 2008 at 7:48 AM
Or is it due to Ford's inability to plan for higher gas prices when everyone knew they were coming at some point?
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Thanks for commenting. I moderate comments, so it may take a while for your comment to appear. You might enjoy my book about Flint called "Teardown: Memoir of a Vanishing City," a Michigan Notable Book for 2014 and a finalist for the 33rd Annual Northern California Book Award for Creative NonFiction. Filmmaker Michael Moore described Teardown as "a brilliant chronicle of the Mad Maxization of a once-great American city." More information about Teardown is available at www.teardownbook.com.

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