April 1, 2009, iTulip

by Dave Cohen

Today I will make the crucial link between our unsound economy and the future of manufacturing in the United States. I will focus on the auto industry, which has been so crucial to our past economic health and figures greatly in our future oil consumption. In Should We Save General Motors? I pointed out the important difference between “productive works” like the Chevy Volt and derivatives like credit default swaps (CDS), which enabled gambling (not hedging) leading to pointless but profitable exchanges of paper money in the finance industry.  More …

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