The economy is hurting and the Big 3 are in trouble. But let's be honest, they had it coming to them. They have lobbyed congress to keep things swinging their way for a long time. But with all the problems in our existing culture, it's a perfect example of "short term thinking in the long term."
The article you're about to read explains everything pretty simply. And it also goes as far as to suggest that Steve Jobs should jump in and run one of the Big 3 for a while hehe. Very interesting.
http://www.nytimes.com/2008/11/12/opinion/12friedman.html?_r=3&oref=slogin&oref=slogin&oref=slogin
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