The dollar value has been dropping like crazy over the past 3 weeks, losing 6½% against the Philippine Piso. The Thai Baht, Indonesian Rupiah, Korean Won, and Malaysian Ringgit are all showing similar gains.
Well, when you vote to let the world's second largest auto industry "fend for itself" in business (as I would have voted to do), the currency in which that industry operates is certainly bound to take a hit on that news.
I do have a sneaking suspicion that if the American auto industry collapses (and it's remnants are bought up by other foreign auto makers), and takes all of the other businesses that survive on auto manufacturing with it, and so on down the line, America will regret it... probably more than bailing out that hidebound industry with taxpayer dollars. If President Bush or President Obama decide to chuck half a trillion dollars at The Big Three, I'll allow my hope to override my principles, hold my nose, and cautiously go with it.
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