Memo to Clint: Detroit's Doing Okay Now, But Just You Wait
From "Revisiting the Auto Bailout with Clint," a column in the Wall Street Journal (paywall) today by Holman Jenkins, whom it is impossible to read without coming across some really arresting fact or insight, as, for example, this:
GM, Ford and even Chrysler are reporting profits....[But] today's modest sales boom is essentially a horsepower boom. SUVs and pickups are selling strongly....Deroit is bouncing back because it's selling cars the public wants to buy.
This, in fact, isa great way to run a car business, but will soon become all but impossible if Mr. Obama's new fuel-mileage rules are not further rolled back. Hence a glaring anomaly amid the happy talk: GM's stock price is still down 22% from its public reflotation a year ago.