Those industries haven't withered up and died. They just moved across the Pacific Ocean to China.
The worst thing any U.S. industry can hear is that China has decided to enter your business. Between China's dirt-cheap wages and government backing, competing against the Chinese is the kiss of death.
The Chinese government has a new industry in its sight and while it will take a couple years for them to become a full competitor, one U.S. company (and its shareholders) should be shaking in their boots.
Who is that company? Boeing!
Commercial Aircraft Corporation of China on Sunday has the backing of the top level of government and intends to become a major player in the global aircraft market as well as meet its own growing airline needs.
"China should by all means conduct overall design and final assembly of large aircraft by itself," said Chinese Premier Wen Jiaboa.
The Chinese government seeded the company with $2.7 billion and I have no doubt that Boeing is going to find life a whole lot tougher down the road.
If I owned Boeing stock (which I don't), I wouldn't sell it today, but you gotta' believe that Boeing future just got a whole lot dimmer.
