Economist Jeffry Sachs makes a persuasive case for a private-public partnership with the auto industry, including an immediate loan, to prepare for the changes ahead. This sounds more sensible than the alternative, which is to allow the auto industry to simply collapse because of laissez-faire ideological principles (that I heard Senator Shelby, for example, argue yesterday on one of the talk shows).
We face an unprecedented financial calamity, energy crisis and environmental threat. A vibrant, growing U.S. automobile industry should play an essential role in solving all three. The technologies that will win the day are in sight; industry has already made important advances. A partnership with government is vital and should begin this week.
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