Rick Bennett has a good post about this. Head over there and for those of you who are too busy to click and read, watch the trailer below.
The question is can the United States recover from this. Several articles I have been reading lately all mention the lost U.S. manufacturing jobs which is painfully obvious. What many have brought up is that the U.S. is losing the skills to manufacture quality goods again. That sounds ridiculous but when you look at how hard it has been for General Motors to get quality up on a vehicle like the Malibu (which still lags behind Japanese car makers) you wonder if we are seeing a shift that could take decades to recover from. Of course the advantage would be that with a regionalized economy again, foreign competition (except from places like Mexico) is far less. Even electronics, when I worked at Computer Boulevard, nothing we sold was actually made in North America. Even the iPod is made in China and most MacBooks are made in China by ASUSTek (who also makes the PS2, HP, Palm, and other brands). I guess it asks the question, can North America even build the products that we deem essential? (the rebuttal to this is a couple blocks away at Vecima which shows that you can build high tech products anywhere – including Saskatoon)