Word: detroits
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...General Motors, and instructed GM and Chrysler to fix up fast or drive headlong into bankruptcy, college basketball's annual bonanza, the Final Four, has arrived in the Motor City to provide a much-needed distraction. What's even sweeter: Michigan State University, located just 90 miles west of Detroit in East Lansing, made the national semifinals this year, giving the locals more reason to cheer (unless, of course, they bleed the University of Michigan's maize and blue and wouldn't dare root for an archrival). For a few days at least, the city can lose itself...
...days, more importantly, the Final Four will jolt the local economy. Thousands of fans have flocked to Detroit for the big games, and they'll spend money in the city's downtown hotels, restaurants, bars and retail shops. The games are being played at Ford Field, the downtown home of the Detroit Lions, which will seat some 70,000 fans. Fan-festivals and free concerts throughout the weekend will also draw visitors downtown. The NCAA anticipates that the Final Four will generate anywhere between $30 million and $50 million in new direct spending for the ailing area. (Hear Dick Vitale...
...Either way, the car-buyng public is the winner: consumers will see better-built, more fuel-efficient cars and trucks - gas-powered, electrics and hybrids - that will meet their every desire. Obama's challenge is to make sure some of them come from Detroit...
...best cars from the 2009 Detroit Auto Show...
...bond investors - went on an unprecedented buying spree, snapping up the likes of Chrysler, Dunkin' Brands, Harrah's, Hertz, and Hospital Corp. of America in hopes of later selling them to the public or to another company or even to another PE fund. (See pictures of the remains of Detroit...