CBS' rose-colored Anthony Mason revisited the maxim As GM Goes, So Goes the Country in an optimistic tone--optimistic because he used the past tense: "For decades it was true." Of course it is possible that it is still the case, in which case the future is indeed grim for all of us. So which will be the next major American institution to go bankrupt? NBC's George Lewis suggested the Golden State: "California is going bust right now," he told us, with a $24bn deficit. With summer schools canceled, medical services cut and state parks closed, "ordinary citizens are beginning to feel the impact of the budget crisis."
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