Originally Posted by Tragedy
I live and work in Japan. The only effect this will have on me is the dollar will plummet, causing my yen to be worth a lot more when I go home and visit. My family back home are lawyers who specialize in Chapter 7, 11, and 13 bankruptcies. Business has picked up and they prosper. The bad economy isn't negative news for everybody. Speaking of ignorance....
The entire global economy feels it when the US's economy takes a dive.
I highly doubt that GM/Ford/Chrysler will go under. Maybe their US operations will dwindle down to the minimum amount of vehicles. The big loosers will be all the suppliers and automakers (designers, factory workers, dealerships) of the collateral vehicles.
It's going to be a rollercoaster for many families in the US.