Green technology to the resue?

As recession really takes hold, Peston offers a magisterial macro-view.

Arguably the crisis will turn out to be more significant for us and other developed economies than the collapse of communism

At the big -micro end, the terms of bail-out for the US auto giants are awaited.

“ could mean that the government would mandate, or at least heavily influence, what kind of cars companies make, what mileage and environmental standards they must meet and what large investments they are permitted to make — to recreate an industry that Mr. Obama said “actually works, that actually functions.”

Does a clue to the future lie in that little stunt by the car makers who this time trundled down to Washington is a hybrid rather than private jets? So far hybrids being more expensive are no easy sell. But here’s hoping technology can come to the rescue and leap a generation to produce the attractive long distance, fairly speedy electric or hydrogen car – great for employment, great for a green future. I have this feeling that it’s on file somewhere, hidden by bosses who saw it as the enemy. Now’s the time to surface it guys, for your lives. Or is this just a recession-crazed fantasy?

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