[quote=bsrsharma]USA will NEVER fully recover from it
Isn’t that extreme? [/quote]
No, I don’t think it is. I think of the current situation as very similar to what happened to the American automotive industry in the 1970’s. When fuel costs began soaring what happened? US companies were still building large, overpowered, gas guzzling muscle cars, while the Japanese and the Germans responded with smaller, fuel efficient, reliable cars that took the market by storm. It took almost a full decade for the big 3 to respond, and we ended up with cars like the Reliant K as a legacy of the times.
Has the US auto industry recovered from those times? I don’t think so. How often did you see a foreign car in the early 70’s? Almost never. By 1980 they were everywhwere, and now Toyota is the world’s largest auto maker. Heres another thing- when I was a kid “made in Japan” meant junk. Anybody else remember those days? Now it’s a badge of quality.
If we as a country fail to respond adequately to the challeges facing us, there is no doubt in my mind that we will recede as the world’s largest economy, and be replaced by those countries who are more adaptable and forward-thinking than we are.
