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...Assuming general economic recovery, in the developed markets we will see maybe 95% of what it had been," says John Paul MacDuffie, an associate professor of management and co-director of the International Motor Vehicle Program at the Wharton School of the University of Pennsylvania. U.S. auto and light-truck sales topped 16 million for eight years and reached nearly 17 million in 2004 and 2005. Those numbers have slumped dramatically, but the current downturn is cyclical, says MacDuffie; there's no evidence of permanent decline in the demand for vehicles. (See pictures of the world's cheapest...

Author: /time Magazine | Title: Can Detroit Be Retooled — Before It's Too Late? | 4/2/2009 | See Source »

...those millions of sedans, pickups and SUVs have reached the end of their useful life. America is becoming a rolling junkyard; the average car is 9.4 years old, a new record, says Buscher. "Light trucks are 7.5 years old. They haven't been that old for 10 years," he adds. In two years, says an industry economist, 35 million cars now on the road will be at least 10 years old. There's not enough duct tape in America to hold that much junk together. Even if they don't conk out, keeping these beaters going becomes an increasingly expensive...

Author: /time Magazine | Title: Can Detroit Be Retooled — Before It's Too Late? | 4/2/2009 | See Source »

...even possible, despite the current bleakness, that car sales will return to an upward trend this year. The prices of some used cars are beginning to rise as supplies tighten, which makes new cars a more attractive deal. Any improvement in the homebuilding industry bodes well for light-truck sales. And if Congress passes a proposed cash-for-clunker bill that would give car owners a $3,000-to-$5,000 voucher to trash their old vehicles and buy something new and shiny, dealers will move the metal, as they have done already in Europe...

Author: /time Magazine | Title: Can Detroit Be Retooled — Before It's Too Late? | 4/2/2009 | See Source »

...Lauer joins a heterogeneous group of past speakers including Ben S. Bernanke ’75 last year, Bill Clinton in 2007, and Seth MacFarlane, the creator of the popular cartoon “Family Guy,” in 2006. The Class Day speaker typically delivers a more light-hearted address to the College’s graduating senior class than the Commencement Day speech, which is given to all University graduates the next day. Senior class First Marshal Lumumba B. Seegars ’09 said Lauer’s experiences as a journalist have provided him with...

Author: By Lauren D. Kiel, CRIMSON STAFF WRITER | Title: Matt Lauer To Speak to Seniors | 4/1/2009 | See Source »

...asked their parents for assistance. Three people say that they've cut back on groceries so significantly that they've actually lost weight. Some are thinking about leaving the city altogether. They're tired and frustrated and bored, but on this last afternoon in March they are making light of their situation. Lauren Diamond, a victim of advertising agency layoffs shrugs as she waits in line for the games, "I'm seriously sad," she says. "But at least I'm not from Lehman Brothers...

Author: /time Magazine | Title: New York's Unemployed Olympians | 4/1/2009 | See Source »

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