Retail Exodus Speeds Detroit's Fall

Layoffs, property price plunge leaves middle-aged workers in limbo

(NEWSER) - Tens of thousands of middle-aged white-collar workers have been left jobless and stranded in Michigan by the recession, the Wall Street Journal reports. Auto industry veterans laid off by the Big Three are finding themselves competing against against younger people for a smattering of job openings. With property prices down 45% from their 2006 peak, people are unable or unwilling to sell their homes and seek work elsewhere. More»

(NEWSER) - The collapse of Detroit has turned its Canadian counterpart into a veritable ghost town, the Economist reports. Located just across the Detroit River in Ontario, Windsor depends heavily on the Big Three, and now claims Canada’s highest unemployment rate at 14.4%. But Ontario’s problems go beyond “Detroit North”—tight post-9/11 border security and a high Canadian dollar have strangled cross-border trade, and the recession has killed demand for raw materials. More»

(NEWSER) - As Detroit reels from the automotive crisis, a much-needed emotional uplift is coming from a dependable source: the Red Wings, currently in the Stanley Cup finals against the Pittsburgh Penguins. We “are one of the good stories that are coming out of Detroit right now,” a Red Wings VP tells the New York Times. “It’s definitely something people can rally around.” More»

(NEWSER) - As General Motors' Pontiac line is phased out, Ben Wojdyla, on Jalopnik, remembers the truly great cars that bore the mark. If you've got one, keep your garage clean and await a payday.

• 2009 G8 GXP: "GM should be saved for no other reason than to put the G8 GXP on the road." This car fulfills the promise of the Pontiac brand in spades, 415 HP V8 and all.
• 1964 GTO: The vehicle that "ignited the original muscle car wars" will "always have a special place in every car guy's heart." A 325-horsepower V8 doesn't hurt.

(NEWSER) - Chrysler and GM could end up needing a “considerably higher” amount than the $21.6 billion so far requested, Bloomberg reports. Steven Rattner, who heads President Obama’s auto task force, said it's possible the request could go as high as $40 billion. He also said that Chrysler’s mention of a merger with Fiat is a “worthy idea” because the company is “just kind of barely making it” alone. More»