Word: detroit
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...Motors, Ford and Chrysler prove they have viable long-term business plans before qualifying for a second round of loans in March. All told, the Big Three have asked for $34 billion in bridge loans, though many economists say it will take up to $200 billion to really reinvent Detroit; negotiators have agreed to grant $14 billion to keep them afloat through March, but the companies must jump through significant hurdles in order to qualify for more federal aid after that. (Read TIME's biographies of the Big Three CEOs...
From financial centers like London, to manufacturing hubs like Detroit, cities around the world are set for a thumping as the global economy grinds to a halt...
...anyone in Europe and the U.S. of a certain age, this is a familiar tale. Once booming industrial centers were laid low in the 1970s by the one-two punch of recession and increasing competition from Asia. Detroit shed almost 40% of its industrial jobs in the '70s alone. Many cities - rust belt towns in America's east and Midwest in particular - still face the huge challenge of reinvention. But there are lessons to be learned from places that have been through this before and the authors of a new British guide argue that U.S. cities would do well...
...Detroit With an entire region depending on the automobile industry, it is almost impossible for politicians to vote against another financial bailout [Nov. 24]. There is just too much at stake. Yet this is a crucial moment for car manufacturing, and governments have to ensure that auto giants like GM are aware they have to radically change their ways. Carmakers must be obliged to commit to developing greener technology, while U.S. carmakers in general have to finally realize that the big cars they have been building for decades are no longer what people want. Sebastian Sommer, GREUSSENHEIM, GERMANY...
...This Detroit's Last Winter? See pictures of the remains of Detroit...