O'Reilly logo

Paying the Price: Ending the Great Recession and Beginning a New American Century by Mark Zandi

Stay ahead with the world's most comprehensive technology and business learning platform.

With Safari, you learn the way you learn best. Get unlimited access to videos, live online training, learning paths, books, tutorials, and more.

Start Free Trial

No credit card required

4. As GM Goes, So Goes the Economy

December 4, 2008 was a cold, beautifully clear morning in the nation’s capital. As I walked up Capitol Hill from Union Station, I was unnerved to find a phalanx of camera crews just outside the Senate office building. The chief executives of the Big 3 Detroit automakers were there, talking to reporters, each standing next to one of his company’s prized cars. At an earlier appearance before Congress seeking financial help, the executives had been publicly flogged for flying to Washington in their corporate jets. This time they made a show of driving to the capital.

I had been invited to offer a nonbiased view of whether taxpayers should bail out the automakers. I was viewed as a nonpartisan economist: I had worked ...

With Safari, you learn the way you learn best. Get unlimited access to videos, live online training, learning paths, books, interactive tutorials, and more.

Start Free Trial

No credit card required