Heart transplant for car makers, no transplant for Nortel

Nortel, once one of the really big dogs in telecommunications, is being broken up into pieces in bankruptcy. There were hopes that it could emerge from bnakruptcy but according to AP/Yahoo, "Nokia Siemens Networks agreed to buy some wireless operations of Canada's Nortel Networks Corp. in a $650 million deal as the more than century-old Nortel announced it is looking for buyers for the rest of its assets.The Finnish-German joint venture said Saturday it had agreed to buy the CDMA and LTE wireless technology assets of Nortel, a former telecommunications equipment powerhouse that sought bankruptcy protection in January and now plans to liquidate its business..."

On the other hand, Chicago Tribune reports that "Car shoppers could take advantage of government incentives worth up to $4,500 this summer to send their old gas guzzler to the scrap heap in favor of a more fuel-efficient new vehicle. President Barack Obama is expected to sign into law the "cash for clunkers" program, which was approved by the Senate on Thursday. A clunker is an old, worn out car. For owners of low gas mileage vehicles, the plan could give them a reason to visit their local car dealer during an economic downturn..."
Yet another Obama way to redirect tax payer money to specific industries and firms, some of which may never recover, rather than spending it on education and directing youngsters to the "sustainable" jobs of tomorrow.