The auto-industry could go bankrupt, and the people of Michigan would be among the hardest hit. Hearing the pleadings of the senators from the state of Michigan to their colleagues in the Senate, it feels like they are on their knees. They seem to be begging the others to negotiate in good faith and not hold the auto-industry hostage to the 'free-market principles'. I wonder if they feel, or are made to feel, like they live in, or represent, a part of the 'third world'?
For decades the US government, and the world's financiers like the World Bank and the IMF, have been tough with the rest of the world. They have insisted on free-market based economies as conditions for economic aid, at the expense of what was appropriate for the country in their local context and conditions. As recently as a decade or two ago, a finance minister from a poor Asian country could be routinely seen pleading and begging in a weak voice to the rich countries and institutions to negotiate in good faith, and not twist their arms too much. But did the rich and the powerful listen ... mostly NO. They insisted on administering a 'bitter medicine' to these countries, and from a high moral ground to boot.
It becomes an issue of justice, compassion, morality and fairness, and not just economics. One does not live by, or for, bread alone. However, abject poverty can be debilitating to one's spirit. At the same time, it can create conditions for some of the younger generation to become determined to work towards a more fair future. Kinda like freedom struggle. Wonder how the people of Michigan are feeling?!