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Wednesday 2 July 2008

What's good for General Motors

Sault Ste. Marie, Michigan

In 1953, under intense questioning from American Senators, Charlie Wilson declared, "What's good for General Motors is good for the country". Charlie was the former head of GM and the current Secretary of Defense under Eisenhower. GM stock has always been considered a bellweather. It goes up or down before the rest of the market. Today GM shares dropped below $10 for the first time since 1954.


We're on the St. Mary River just east of the Soo Locks in Sault Ste. Marie (Sue Saint Marie). Sault is an archaic French word from the 17th century meaning rapids. The locks move the big iron ore haulers up or down 22 feet between Lake Superior and Lake Huron. You get a sense of the strategic importance of the locks watching the river traffic. in 1942 there was concern that the locks could be bombed from Norway. A number of radar stations and anti-aircraft facilities were established in Ontario to protect them.


There is a busy groundhog close to where were are parked and a flock of Canadian geese float by occasionally.

We spend an hour at the locks watching a 763 foot empty ore hauler get lifted up to Lake Superior

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In the downtown we find a small winery. They are making wine in five gallon jugs. Their wines aren't bad. They go for $10 - $25 a bottle. I estimate that's a 400% to 1,000% markup on cost. I could do that. It might be my next adventure. I always thought you had to grow grapes to have a winery. Stupid me.



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