As reported by Newsweek, [1] on May 11 Barack Obama told Detroit that it could do much better. This scolding came at a time that American automakers “lost more than $16 billion last year, while Toyota earned a record $14 billion and surpassed GM as the world’s largest automaker.” Obama castigated Detroit
for driving our dependence on foreign oil. “For years, while foreign competitors were investing in more fuel-efficient technology for their vehicles, American automakers were spending their time investing in bigger, faster cars,” Obama told an audience stunned into silence after greeting him with a standing ovation.”Whenever an attempt was made to raise our fuel efficiency standards, the auto companies would lobby furiously against it, spending millions to prevent the very reform that could’ve saved their industry. Even as they’ve shed thousands of jobs and billions in profits over the last few years, they’ve continued to reward failure with lucrative bonuses for CEOs.” What played as an act of courage in the rest of the country, is being seen as political suicide here in Detroit . . .
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