"History is a wonderful thing, if only it was true"
-Tolstoy

Monday, November 24, 2008

Been a long time coming

Over 15 years ago, I recall working to help diversify
But others kept coming back to auto stuff

New Economic Fears Arise in Michigan - NYTimes.com: "State officials see Michigan as being, at least in part, the victim of a globalized economy and an automobile industry that failed to keep up with consumer demand. But others see a much broader explanation rooted in the state’s inability to diversify its economy.

“We put all our chips on a poker hand called durable goods manufacturing, particularly the autos,” said Charles L. Ballard, a professor of economics at Michigan State University. “In the middle of the 20th century, every time we turned over the hand it was four aces, a straight flush. If you have an undiversified economy based on a sector that’s booming, great.”

That is not the case anymore."

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