Koreans save; Californians do not - but they do want to sell real estate.  And autoworkers in Michigan and Ohio should not count on being part of the American middle class for much longer.  

Delphi wants to make parts in overseas (in China, I would presume) and big wage cuts from those who still work in the US:

Not only is the company seeking to cut two-thirds of its 34,000 hourly workers in the United States, it wants to cut wages to as little as $10 an hour from as much as $30. ... Delphi is also seeking major cuts in the health care and pension benefits of retirees, though under the terms of the spinoff of Delphi, G.M. would have to assume much of those costs, setting up a further quandary because simply dumping troubles on G.M., its largest customer, is not necessarily palatable to Delphi or the union. ... Delphi plans as well to do more of what it has been doing since its spin-off, by continuing to shift thousands of jobs overseas.

Former autoworkers may find it a bit harder to shift into real-estate related jobs in the future though.

These stories all highlight the forces driving the current international economy, in one way or another. Paul Blustein ends his article on Korea's reserves by nicely summarizing the debate on whether it all can last ...