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Should Congress Bail Out the Automakers?
If Michigan-bred Mitt Romney doesn't think Congress should bailout the auto industry, then the plan to save Detroit might need a set of jumper cables. Mitt wrote today: Without that bailout, Detroit will need to drastically restructure itself. With it, the automakers will stay the course — the suicidal course of declining market shares, insurmountable labor, and retiree burdens, technology atrophy, product inferiority, and never-ending job losses.
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Front Page: Australia Leaves Iraq, GM to Close Plants, South Dakota and Montana Primaries
- Australia Leaves Iraq: Australia has ended its combat operations in Iraq. One of the first countries to commit troops to the war in Iraq five years ago, Prime Minister Kevin Rudd made a campaign promise to bring the troops home — and they're set to return in a couple of days. Pegging his decision on the actions of the previous government, Rudd said, "of most concern to this government was the manner in which the decision to go to war was made: the abuse of intelligence information, a failure to disclose to the Australian people the qualified nature of that intelligence."
Front Page: GM Goes Bankrupt Owing $172 Billion
- General Motors has filed for bankruptcy today. The company says it owes $172 billion.— New York Times
- An Air France flight traveling from Rio de Janeiro to Paris with 228 people on board vanished over the Atlantic. — Huffington Post
- Twilight dominated the MTV Movie Awards last night.
Front Page: Children of NYC Principal Ill With Swine Flu
- Sons of NYC assistant principal with swine flu very ill. — Associated Press
- Dick Cheney slams Obama's national security policies and defends Bush administration. — Chicago Tribune
- Pope wraps up Mideast tour.
Front Page: White House Wants to Bridge Divide on Abortion
- White House begins effort to bridge divide on abortion. — Wall Street Journal
- Afghans protest against US airstrike that killed dozens of civilians. — Reuters
- Blackwater security firm's era ending in Iraq.
Front Page: Nursing Home Gunman Kills 8, Faces Charges
- After a gunman in North Carolina killed eight people in a nursing home yesterday, police are investigating whether his estranged wife's employment there had something to do with it. The man faces eight counts of first-degree murder. — ABC News
- The Obama administration pushed out GM's chairman yesterday, and urged Chrysler to form a partnership with Italian car maker Fiat if it wants more government aid.
Front Page: Venezuela Gets Rid of Presidential Term Limits
- Venezuelans voted Sunday to do away with presidential term limits, allowing Hugo Chavez to potentially rule for life. — Christian Science Monitor
- American automakers GM and Chrysler have until tomorrow to present the federal government with a viable turnaround plan or else the government can recall their emergency loans. — CNN
- Investigators are examining the cockpit tapes from flight 3407, which crashed in Buffalo last week.
From Factory Town to Forgotten: Top 10 US Cities in Decline
Ohio and Michigan may be key battleground states this election perhaps because they have the most to gain. In the list of fastest dying American cities, Ohio scored four slots and Michigan took two — it appears in these declining Rust Belt towns, there's nowhere to go but up.
What factors peg a town as "dying?"
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