I talk to retired friends in Detroit and they all feel they have been making good progress in retooling a new product line to meet energy demands. The collapse of the credit market is what has brought them to this brink.
The irony is that Congress and it's lack of oversight is what made the economy unstable and $4/gallon gas (in a recession) is what tipped it over. Now Obama is backing off on offshore drilling and Congress wants to manage the auto industry! Good luck - we all need it.
They’re caught in the wake of the perfect storm.