by John Young
Continuing a trend long predicted by our economic analysis; GM has finalized a deal to sell its Hummer division to China’s Tengzhong.
This follows on the heels of Ford selling its premium Jaguar and Land Rover divisions to Tata Motors of India. Ford is also considering selling the Volvo brand to Geely Automotive of China.
Saab still remains a GM brand, but they are actively seeking a buyer.
Why are these brands being sold to China and India?
Simple. That’s where the money is.
And why is the money there instead of here?Because of the aggregate purchasing decisions of millions of Americans who either think that the “Made in USA” label is unimportant or who put their own immediate gratification ahead of the big picture issues.
Many of these brands were once wholly European owned. They started in Britain or Sweden, and were purchased by American companies. Soon, they will belong to Asia.
This is just a http://online.wsj.com/article/BT-CO-20091009-712508.html today; but be assured that it demonstrates in one event the problems of global corporatism and our failure to prioritize the wellbeing of our nation ahead of next quarter’s bottom line.
There WILL be a price paid for this. And that price will be paid by YOU.