US car industry doomed, says Nobel economics laureate

Nobel economics prize winner Paul Krugman today said the troubled US auto industry will "probably disappear" as a result of the geographical forces he described in his award-winning analysis.

Krugman told reporters in Stockholm today that congress support to the auto-industry was not a long-term solution, but the result of a "lack of willingness to accept the failure of a large industry in the midst of an economic crisis."