Discussing the auto industry’s struggles due to the credit crunch, with Mike Jackson, AutoNation chairman/CEO
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In any great organization it is far, far safer to be wrong with the majority than to be right alone. —John Kenneth Galbraith
Asian currencies continue to sell off vs the $ on the heels of the news yesterday that South Korea said they will look into hot money inflows stemming from the $ carry trade and the Bank of Indonesia said they are looking into the foreign buying of bills. This follows the news a few weeks ago that Taiwan was limiting foreign deposit holdings and Brazil was taxing foreign inflow transactions. As I mentioned yesterday, we may have reached a short term pain threshold in terms of $ weakness and foreign countries are fighting back as they certainly won't wait for...
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November 12th, 2008 at 12:40 pm
Who whichever auto company goes BK first I’d buy from to support the US. I’m not happy with my Toyota.
November 12th, 2008 at 12:58 pm
I think the market is very close to out of sellers. With all funds on CNBC announcing heavy cash positions who’s left to sell?
This works well for my book but I think I’m onto something here.
November 12th, 2008 at 1:35 pm
Allocate “bailout” money to the “Pickens-Gore” plan for energy independence and infrastructure rebuilds. Give $25B to Tesla Motors and other startups. These industries will hire workers laid-off from other companies.
Don’t give our taxpayer money to the mismanagement morons in Detroit. “Give it” to ANYONE ELSE.
November 12th, 2008 at 2:08 pm
I’ve had Toyota’s for years, with no problems to speak of, except for the recalls (2 which didn’t cost me a thing). I have a T-100 that has 150,000 miles on it; same thing. This is the final nail that can be put in the union coffin if these legacy companies go bankrupt and break those contracts. The Big 3 didn’t care about pushing any designs that would help us in the future (limited petroleum resources cannot be denied), so why should they be bailed out now? This is a free market country that is becoming socialized and its a shame.