With an updated Afterword by the author.
This is the epic saga of the American automobile industry’s rise and demise, a compelling story of hubris, missed opportunities, and self-inflicted wounds that culminates with the president of the United States ushering two of Detroit’s Big Three car companies—once proud symbols of prosperity—through bankruptcy. With unprecedented access, Pulitzer Prize winner Paul Ingrassia takes us from factory floors to small-town dealerships to Detroit’s boardrooms to the White House. Ingrassia answers the big questions: Was Detroit’s self-destruction inevitable? What were the key turning points? Why did Japanese automakers manage American workers better than the American companies themselves did? Complete with a new Afterword providing fresh insights into the continuing upheaval in the auto industry—the travails of Toyota, the revolving-door management and IPO at General Motors, the unexpected progress at Chrysler, and the Obama administration’s stake in Detroit’s recovery— Crash Course addresses a critical question: America bailed out GM, but who will bail out America?
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|Title of eBook: Crash Course|
|Release Date: 01-05-2010|
|Allowed Countries (hover)|
|Publisher: Random House|
This eBook download is available in the following formats:
|Parent title||Crash Course|
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|Note||ePub, short for electronic publication is one of our favorites and should be yours for a couple of reasons. ePub offers reflowable text giving you flexibility to manipulate how the content is presented. Moreover, lots of cool features are now being developed for the reader like advanced video and audio. ePub is now an industry standard, so all of the "non-propreitary" hardware manufacturers are now supporting it.|
It really wasn’t intended to be a prophecy. It was just a smart-alecky T-shirt worn for years by local teenagers to annoy their parents and show their perverse pride in the Motor City’s tough-town image. It said: detroit: where the weak are killed and eaten. But the menacing message seemed all too appropriate in the bleak winter of 2008–2009, when signs of weakness—indeed, desperation—erupted everywhere in Detroit.
One bankrupt car-components company economized by servicing the bathrooms in its suburban headquarters only every other day. Some of the bathrooms ran out of toilet paper, prompting employees to hoard it or bring their own from home. In the city itself employment prospects were so bleak that some prisoners begged to stay in jail to get food and shelter—“three hots and a cot,” in the local parlance.
The city’s battered economy was reflected on the football field, where the University of Michigan was enduring its first losing season in forty years, and the Detroit Lions were plummeting to pro football’s first 0–16 season. During their 47–10 drubbing on Thanksgiving Day 2008, fans unfurled a banner reading bail out the lions. It was a gallows-humor reference not only to the football team but also to the weakest teams in town—General Motors, Ford, and Chrysler.
Since the beginning of the century America’s Big Three car companies, bleeding from more than $100 billion in losses in four years, had shed more than 333,000 employees, enough to populate the city of Cincinnati. In November 2008 GM’s stock closed below $3 a share for the first time since 1946, w...