We need to stop using the bailouts to rebuild gigantic financial institutions.
By Eliot SpitzerPosted Wednesday, Dec. 3, 2008, at 5:59 PM ET
Last month, as the financial crisis and the government rescue plan dominated headlines, almost everyone overlooked a news item that could have enormous long-term impact: GE Capital announced the acquisition of five mid-size airplanes—with an option to buy 20 more—produced by CACC, a new, Chinese-government-sponsored airline manufacturer.
Why is that so significant? Two reasons: First, just as small steps signaled the Asian entry into our now essentially bankrupt auto sector 50 years ago, so the GE acquisition signals Asia's entry into one of our few remaining dominant manufacturing sectors. Boeing is still the world's leading commercial aviation company. CACC's emergence—and its particular advantage selling to Asian markets—means that Boeing now faces the rigors of an entirely new competitive playing field and that our commercial airplane sector is likely to suffer enormously over the coming decades.
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Peacenik welcomes Eliot Spitzer back from purgatory. Don't forget this story. Spitzer was a major thorn in Wall Street and looks like he will continue to be. Peacenik thinks Spitzer would approve of Canada's Conservative government just shutting down and doing nothing to solve the economic crisis. There is a wide body of opinion that believes all government efforts so far have not helped the situation. Ergo, no government, no problem. No leadership no problem. No policy no problem. Has Canada fluked its way into solving the global economic collapse? Stevie Harper thinks so.
