November’s stink auto sales:
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Source:
Another Month of Miserable Auto Sales
NICK BUNKLEY
NYT, December 2, 2008
http://www.nytimes.com/2008/12/03/business/03sales.html
Money won't buy happiness, but it will pay the salaries of a large research staff to study the problem. —Bill Vaughan
I know its late Friday and I'm sorry for the rant but a headline across the tape forced my hand. From a speech on June 25th to the BIS that the Fed officially released today, Fed Vice Chairman Kohn said that "the root cause of our problems was the underpricing of risk as the financial sector interacted with nonfinancial sectors" and that "leverage was a symptom rather than a cause of the underlying crisis." He has a Ph.D and I don't but I want to correct him that easy money policy under Greenspan that had the fed funds rate at...
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December 3rd, 2008 at 11:32 am
The stealth breadlines are getting longer and longer
http://news.google.com/news?hl=en&safe=off&rlz=1G1GGLQ_ENUS277&q=food%20stamp%20population
December 3rd, 2008 at 2:11 pm
1. Destroy the credit market
2. Hand out taxpayer money to the companies that destroyed the credit market
3. Force the manufacturers into bankruptcy
4. In bankruptcy kneecap the union workers (taxpayers) and the other manufacturing companies that produce the raw materials
5. Come out of bankruptcy with better PE so companies that destroyed the credit market can make more money