But the larger picture says that the financial crisis now enveloping the world is grounded in the transition from the automobile---and the fossils that fuel it---to a brave renewable world of reborn mass transit and green power.
But the larger transition is epic and global, based on a simple structural reality: the passenger car is obsolete. Auto sales have plummeted not merely because of a bad economy, but because the technology no longer makes sense.
Franklin Roosevelt took GM over in 1943-5 to make the hardware to beat the Nazis. Barack Obama should now do the same to beat climate chaos.
Make streetcars, not passenger cars.
But in the long run, the automobile itself needs to be dismantled and re-cycled, not retooled or rebuilt.
Cars still kill 40,000 Americans/year, and thousands more worldwide. No matter how much less gas each may burn, they all consume unsustainable resources to manufacture, operate and terminate.
We need to dig up roads, not build more. We need rails and coaches, bio-diesel buses and self-propelled trolleys, Solartopian super-trains and in-town people movers, not to mention windmills, solar panels, wave generators and geothermal piping.
In America's corporate-conceived love affair with the automobile, our first spouse---mass transit---was murdered. Now the unsustainable obsolescence of the private passenger car is collapsing a global financial system built on the illusion of its constant growth.
Mother Earth can't sustain the old four-wheeled carry-one-person-around-the-block paradigm, be it hybrid, electric or otherwise.
If the automobile and its attendant freeways continue to metastasize in India, China and Africa as they did in the 20th Century United States, we are doomed.
For that we need every cent and brain cell devoted to what's new and works, not what's failed and could kill us all.
Harvey Wasserman's SOLARTOPIA! Our Green-Powered Earth is at www.solartopia.org. This article was originally published by http://freepress.org.