Thursday, February 26, 2009

A voice from the rubble

Here's a snippet from an email that appeared on the blog I look at occasionally:

"I am a quality engineer at an automotive trim supplier in Michigan. Since our customers are 95% domestic, we have been hit quite hard by the automotive downturn. Due to rotating layoffs and pay cuts, I am now making less than I was in 2000. I have a house in Flint which is in foreclosure after being on the market for 4 years. I'm 35 with a 4-year degree and an MBA, but I feel powerless as I watch my career and wealth disintegrate."

The author goes on to wonder whether the economy could survive the failure of one of the "Big-3" US automakers and to wonder what he and his family can do.

I share this man's desperation. He and I are both powerless as we watch our careers and savings disintegrate; both he and I will have to start over from scratch as best we can. He's got a family to take care of; I'm on my own. Our country has been stolen from us; now our very means of making a living are being snatched away, and even our homes. And there are tens of millions of American families in the same state.

I'm especially sorry for this guy because he really hasn't got a chance in his present situation. GM has just posted a $9.6 billion loss in its 4th quarter for an astounding $30.9 billion annual loss! This in a company that as of today has a total market capitalization of only $1.45 billion. How did this once-great company fall apart? Ford and Chrysler are both going down as well. Their vendors and suppliers are going to crash as well. This poor man's troubles are just beginning. For us too.

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