Big three automakers craft plans for resurrection of Detroit; Pelosi: Automaker bankruptcy ‘not an option’; GM, Ford sales tank in November as economy stalls; Analysis by Rep. Scott Garrett, (R) New Jersey
December 04, 2008
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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December 4th, 2008 at 6:37 pm
Not just the big three are hit in the November numbers.
Monthly November Sales
———————-
Ford -31%
Honda -32%
Toyota -34%
GM -41%
Nissan -42%
Chrysler -47%
December 4th, 2008 at 8:45 pm
Politically, after all the money that has been poured into Wall Street, how can they not?
I was listening to the hearings earlier wishing one of the “Big 3″ CEOs would ask:
“If we move our headquarters to Wall Street we’ll be a shoe in, right?”
December 4th, 2008 at 10:44 pm
Assuming a bailout, if any auto company misses it’s targets, the senators who approved that legislation should resign. The rationale is that Congess is playing with American taxpayer money and should also be held accountable.