The chart comes by way of Greg Mankiw’s blog
It’s fascinating to watch the auto industry bailout debate unfold. I have a natural aversion to arguments designed to pull at my heart strings, so if I see any version of ‘millions of families’ in the first paragraph, I suspect they are hiding a weak argument and move on. I’ll try to give a flavor of where the argument is today. I have to mention one thing that shocked me. Richard Posner was the first person I respect to use the word depression to describe where he believes we are headed.
Michael Levine in the WSJ – Against:
GM has about 7,000 dealers. Toyota has fewer than 1,500. Honda has about 1,000. These fewer and larger dealers are better able to advertise, stock and service the cars they sell. GM knows it needs fewer brands and dealers, but the dealers…
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