Back in the 1980's during the first (elected) Bush's recession, I considered it a sign of the times when my neighborhood "All American Burger" was replaced by "Teriyaki Boy." There was something iconic to me about that small, local change.

I think a similar sign of the times during the current Bush economic crisis will be this: a Chinese company buying Hummer from the bankrupt General Motors:

General Motors is to sell its Hummer brand to China's Sichuan Tengzhong Heavy Industrial Machinery for an undisclosed amount.

It is part of GM's plan to reinvent itself by concentrating on fewer brands following Monday's bankruptcy filing...

GM bought the Hummer brand in 1999. Its sales have suffered as the gas-guzzling performance and military image have become less popular.

When it began the sale process a year ago, GM had hoped to make more than $500m (£302m), but analysts say that it is likely to have made about $100m from the sale.

Now this is simple capitalism. American car companies keep banking on Americans always wanting gas guzzlers. Same thing happened in the 1980's when we nearly lost Chrysler. Japanese companies repeatedly figure out what American car buyers want faster than American companies, and so American companies remain at a disadvantage. We had a chance to hit the market with fuel efficient cars, hybrid cars, etc. But instead GM banked on Hummer and similar gas guzzlers.

There are many ironies in this purchase of Hummer by a Chinese company. There is the simple fact that Communist China has been out capitalizing the capitalists these days. Then there is the obvious sale of an American icon to China. And there is the fact that China seems ready and eager to adopt the gas-guzzling, high pollution lifestyle that America has had and has to get away from.

The answer is not for America to adopt the anti-worker anti-environment business practices of China. Nor is the answer for China to become the next gas-guzzling nation. For America is seems we need to learn the lesson we failed to learn in the 1980's and start making and marketing fuel efficient, cheaper, smaller cars that can be parked in a smaller space and won't break the bank at the gas pump. Our auto industry has twice ruined itself and lost to the competition because they clung to the notion that Americans will only drive oversized, inefficient cars. Time to beat the Japanese at the fuel efficiency and marketing thing. Thought that was obvious the last time around.

And as for China, well, hopefully they will learn from our mistakes, not repeat them.