"We put all our chips on a poker hand called durable goods manufacturing, particularly the autos,” Michigan State University economist Charles L. Ballard tells the NY Times today. “In the middle of the 20th century, every time we turned over the hand it was four aces, a straight flush. If you have an undiversified economy based on a sector that’s booming, great.”
But when that sector is on the brink of bankrutpcy......