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An America drowning in red ink is the land of the free no more
Topic - Christopher Whalen
The name "Detroit" is still synonymous with auto manufacturing in the U.S., but the strong revival in the auto industry in the past four years, after decades of globalization, has done little to lift the beleaguered city's economy or reputation.
Housing has emerged as the brightest spot in the economy this year, but some analysts are questioning whether the market's recovery is built to last.
Wall Street stocks took another tumble Wednesday after a brief recovery as worries widened over the health of U.S. and European banks hit hard by debt crises on both sides of the Atlantic.
Detroit never quite adjusted to its more peripheral role in the auto world, said Christopher Whalen, an analyst at Zero Hedge.
"But today, the global nature of the auto industry probably means that factories are more likely to be located in the [southeastern U.S.] or Mexico to serve the markets of the U.S. and Canada," Mr. Whalen said, while the burgeoning consumer appetite for cars in China, Russia and other rapidly developing nations is being satisfied for the most part by factories within those countries.