Chinese poised to buy Volvo

While the United States is still reeling from a recession that saw the demise of General Motors and Chrysler averted only by massive taxpayer-funded government bailouts, the Chinese continue to breathe down our economic superpower necks with their own foray into the global auto industry.

Leading the way is Shanghai-based Geely Automobile Holdings Ltd., which was the first Chinese automaker to exhibit at the Detroit Auto Show — which opened to the press this morning — and is now closing in on the purchase of Volvo Car Corp. from Dearborn, Michigan-based Ford Motor Company.

At the same time, across the big pond, here in America, some 2,000 GM and Chrysler dealers are still waiting to hear the Obama administration’s Car Czar justify why it, and a bankruptcy court, arbitrarily phased them out of business last spring.