Those who don’t learn from the past are doomed to repeat it

GM and Ford plunge to junk status

Punishing blow delivered to debt-ridden carmakers

The scale of the financial crisis facing Ford and General Motors was underscored yesterday when a key credit agency cut its rating on the automakers to “junk” status.

Japanese carmakers have innovated, delivering intelligent cars like the Prius, as well as producing high quality, low maintenance, well engineered autos. Detroit instead continued down their lunkhead path of making SUV’s and living in the past. Now it’s crunch time. Just like what happened to them in the 70’s.