New School economist Richard Wolff says the importance of the auto industry is so great that the only answer may be to engage in some form of nationalization.
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"If we say something is too important to let it die, too big to fail, then we're saying it's so important to the society as a whole, but if it's that important, it can't be in the hands of a few people in the first place,” Wolff says. “If you're too big to fail, you’re too big to be in private hands."
Wolff adds that the present course will lead the U.S. economy and the world into chaos. "We have an unknown situation, the outcome of which could be very bad, we actually have a vision of that already, Mexico, it's a society in free fall," he says.
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