My first thought when I read about ‘saving Detroit’ was that yes, we do need to save that city, its people, its jobs. To do this we will need to try to save the auto industry, but throwing cash at them like we have Wall Street won’t save anything. Money to them will have to depend on their being completely restructured toward the future, and will probably require taking on their overwhelming health care and retirement burdens.
The real problem is that our government has been running around plugging holes rather than trying to figure out what the structural problems are. Unless the new government does this rather than fill their friend’s pockets, nothing is going to be fixed.