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When President Obama first ran in 2008, he claimed his economic policies would “foster economic growth from the bottom up and not just from the top down.” He said he’d put in place “an immediate rescue plan for the middle class” and would end the “tired, worn-out, trickle-down ideologies we’ve been seeing for so many years.” Obama got all he wanted in his first two years in the White House, when [...] Back in 2009, President Obama’s “Cash for Clunkers” program was supposed to be a boon for the environment and the economy. During a limited time, consumers could trade in an old gas-guzzling used car for up to $4,500 cash back towards the purchase of a fuel-efficient new car. It seemed like a win for everyone: the environment, the gasping auto industry and cash-strapped consumers. Though almost a million people poured into car [...] “-Both parties fully support the Federal Reserve. -Both parties supported the nomination of Ben Bernanke to a second term as the head of the Federal Reserve. -Both parties endlessly push the job-killing “free trade” agenda of the global elite. -Both parties see nothing wrong with running absolutely enormous trade deficits with the rest of the world. -Both parties supported TARP. -Both parties supported the “economic stimulus” packages. -Both parties supported the auto industry bailouts. -Both parties have [...] President Obama took Chrysler and GM into bankruptcy and even sold Chrysler to the Italians. Who will do more for the auto industry? The clear answer is Mitt Romney. As a Catholic who works in the trade association profession in the auto industry it was unsettling to hear President Obama claim that he saved the auto industry. President Obama closed over 2,200 auto dealerships, which caused the losses of decades old family-owned businesses and over 120,000 jobs they provided. The closures were allowed to happen under the false notion that auto dealerships were an expense on their auto maker. [...] A top Democrat strategist and donor who served as President Obama’s lead auto-industry adviser recently conceded that the rationing of heath services under Obamacare is “inevitable.” Steven Rattner advocated that such rationing should target elderly patients, while stating, “We need death panels.” Rattner serves on the board the New America Foundation, or NAF, a George Soros-funded think tank that was instrumental in supporting Obamacare in 2010. Soros’ son, financier Jonathan Soros, is [...] From Bruce Krasting: The Congressional Budget Office (CBO) did a good job of shredding the electric car industry and the government’s role in its evolution with this report… I’m not knocking electric cars… I’m knocking D.C.’s role in this industry. Washington has provided the loot necessary for research on battery design, it has committed to up to $25Bn of soft loans to the auto industry and it is subsidizing every electric car [...] Wolf Richter www.testosteronepit.com Slovenia joined the Eurozone in 2007, went on a borrowing binge that blind bond buyers eagerly made possible, dousing its two million people, or at least some of them, with riches, creating a real estate bubble that has since burst, and driving up its external debt by 110%. And in October, it may go bankrupt, admitted Prime Minister Janez Jansa this weekend. Because borrowing binges can last only so long if you can’t [...] Patrick Martin The Obama administration hailed Friday’s jobs report from the Labor Department’s Bureau of Labor Statistics (BLS), claiming that the 163,000 net new jobs in July represented a positive development after three months, April through June, in which US payrolls increased by less than half that number. The American media took a similar view in its coverage, and the stock market responded favorably, with its third-largest rise of [...] And we close green. Unfuckingbelievable!!! Philly factory activity stays weak in July Factory activity in the Philadelphia region contracted for the third straight month in July, the Philadelphia Federal Reserve Bank said Thursday. The Philadelphia Fed’s business-outlook survey improved modestly to negative 12.9 in July from negative 16.6 in June.
Sales of existing homes drop 5.4% in June Sales of existing homes in June fell to the slowest pace since October, a decline that [...] Mike Adams Regardless of whether you agree with the fundamentals of Obamacare, the fact that the U.S. Supreme Court has now ruled the federal government has the power to tax Americans into mandatory purchases of private industry products means an end to economic freedom in America. Why? Because it hands the federal government the power to force the American people to buy anything the government wants or face tax penalties for refusing [...] Wolf Richter www.testosteronepit.com An unrelenting, horrid wave of scandals about toxic ingredients in foods and medicines in China shows that regulators are unwilling and incapable of controlling it. It also shows a penchant—some evil tongues say it’s cultural—for pandemic cheating in order to get ahead in some way. And Chinese economic data falls into that category. Every country has its own bureaucratic madness in pursuing obfuscation. In the US, one of the hardest [...] Wolf Richter www.testosteronepit.com Practically every car sold in the US contains Chinese-made components. But suddenly, in the middle of a heated presidential campaign, the Obama administration decided to do something about it. “We’re certainly looking at that,” Tim Reif, general counsel in the US Trade Representative’s office,told reporters, though he insisted that the election had nothing to do with it. Instead, it was all about “careful examination of the facts.” Earlier in 2012, as [...] “We were able to help create over 100,000 jobs. On the president’s watch, about 100,000 jobs were lost in the auto industry and auto dealers and auto manufacturers, so he’s hardly one to point a finger.” — Mitt Romney, interview on Hot Air, May 16, 2011 The 100,000 jobs is back! The presumptive GOP nominee all but stopped mentioning he created 100,000 in the private sector after we declared in January that claim was untenable and [...] IPO estimated to be worth as much as $105B as individual shares expected to open at $38 However, it will continue to use free company page Facebook has hiked up the size of its initial public offering by almost 25 per cent, making the social media site worth an estimated $104billion. With [...] Matt Negrin of ABC reports that “A new ad by Obama tells the story of Brian Slagle, an autoworker in Ohio who says he was laid off and ‘scared to death’ until the president swooped in to save the industry.” In the spot, Slagle says, “Obama stuck his neck out for us, the auto industry. … He wasn’t going to let it just die, and I’m driving in this morning because of [...] Mitt Romney,infamous for penning a 2008 New York Times anti-bailout op-ed entitled “Let Detroit Go Bankrupt,” declared yesterday in an interview conducted at a Cleveland auto-parts-maker that, in fact, he deserves a great deal of credit for saving the auto industry, and that President Obama had in fact followed his lead, per the Associated Press. “I pushed the idea of a managed bankruptcy, and finally when that was done, and help was given, the companies [...] Stock market up 50% under Obama ….not in terms of real money. Priced in Gold stocks are flat to down. From FT:
From the biggest cities to the poorest villages in China, it is never hard to recognise the government official: he is the one in the big black car, swilling Chinese baijiu – sometimes simultaneously. And at the top levels of government, Mercedes seems to be the vehicle of choice for state visits. But government officials throughout China are feeling pressure to limit what they spend on both driving and drinking: [...] American auto dealers are pushing back on proposed fuel economy rules that, they claim, would price out millions of buyers from the new-car market, potentially jeopardizing the environmental benefits of the program and the resurgent auto industry itself. Throughout the Obama administration’s campaign to jack up fuel efficiency, officials claimed that for consumers, the upgrades would pay for themselves. Sure, buyers would pay more for a new vehicle off the lot, [...] White House political strategists were smiling when the Chrysler “Halftime in America” commercial aired during last night’s Super Bowl half time. WH Communications Director Dan Pfeiffer tweeted: “Saving the America Auto Industry: Something Eminem and Clint Eastwood can agree on” (referring to last year’s pro-Detroit Eminem ad). Obama campaign strategist David Axelrod tweeted his thoughts last night: “Powerful spot. Did Clint shoot that, or just narrate it?” The ad featured Clinton [...] #1 The average age of an automobile in the United States has gone up more than 50% since 1990 and is now sitting at an all-time record of 10.8 years. The average length of a marriage in the United States that ends in divorce is only 8 years. #2 Germany made 5.5 million automobiles in 2010. The United States made less than half that (2.7 million). #3 When you add up salary and benefits, the average auto worker in [...] Curious how the US, on a state by state basis, stacks up against the rest of the world, in terms of economic (and population) prowess? The following interactive graphic from the Economist should answer all questions about what state is equivalent to what country. With some surprises: as the Economist points out: “Who would have thought that, despite years of auto-industry hardship, the economy of Michigan is still the same [...] |
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From Bloomberg: U.S. Recession Worst Since Great Depression, Revised Data Show
http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aNivTjr852TI
From CNN Money
The Great RecessionEconomists generally agree this is the worst economic downturn since the Great Depression, but they say despite pain, another depression isn’t likely.
http://money.cnn.com/2009/03/25/news/economy/depression_comparisons/
CNBC
Industrial countries are heading for their worst recession sincethe Great Depression, says Michael Spencer
video.cnbc.com/gallery/?video=900438718
And dozens of others.
Don’t make dumb comments that can be so easily refuted.
One of the better articles on the potential impact of the bankruptcies. http://autos.aol.com/article/auto-industry-bailout-worth-eve/ The auto part suppliers would not have been able to [...]