Whadda ya' mean the banks are tightening up on loans?
"Vehicle industry feels the crunch; Tight credit, loan defaults hurt profits"
Pfffffffttt!
The auto industry is getting sideswiped by the housing crisis.
Auto lenders and banks, closing their wallets, have prevented hundreds of thousands of consumers from getting financing for cars.
Then WHAT were the BANK BAILOUTS for?
Home equity loans, which had been used in at least one of every nine deals, when lenders were more generous, are no longer a source of easy money for many prospective buyers. And used-car prices have fallen nearly 6 percent as repossessed cars and gas-guzzling trucks and SUVs flood auction lots.
Those forces, on top of the softening economy, are putting enormous pressure on the US auto industry as it faces what may be its worst year in more than a decade....
Awwwwww, poor auto industry!! Excuse me while I finish up my bowl of shit.
The impact could be profound. Not only is the car a consumer's second-biggest purchase after the home, but the auto industry remains one of nation's most important economic engines.
Even though factories are being shut down and off-shored -- while the car companies continue to pull down profits!!!!
How's that bowl of shit going down, 'murkn?
With less money available to fuel the industry's growth, the businesses that support it are also facing the prospect of a sharp slowdown....
Car dealers and manufacturers will probably face months of weaker profits as they offer more incentives to sell new vehicles.
But they are STILL MAKING PROFITS, right?
So what do you think, America?
Hey, don't crumple up that foreclosure notice!!!!
Luxury car sales, which provide outsize profits, are off 13 percent from last year, according to the Autodata research firm.
Translation: the GOUGING of the RICH is even off!!!!
And consumers, facing potentially higher mortgage payments and $4-a-gallon gas, are delaying purchases of midmarket cars.
"The housing crisis, defined with the credit crisis, has really knocked consumers back on their heels," said Michael J. Jackson, chairman of AutoNation, the largest automobile retailer.
That's YOU, 'murkn!!!!
But the auto industry may not suffer the same severe downturn as the housing sector. One reason is that auto lenders have long issued loans expecting that vehicles, as collateral for the loans, start to lose value as soon as they are driven off the lot.
Maybe you should pass on that new vehicle -- especially if the old one is paid for, folks!!!!
In contrast, mortgage lenders during the housing boom believed that home prices would keep rising.
Still, the parallels are striking. Easy money and lax underwriting helped extend a boom for automakers from 2005 to early 2007. With Detroit pumping out new cars, consumers were encouraged to buy even though they might not have needed a new vehicle.
Unreal!! Yup, the people who are going to SOLVE this "crisis" are the SAME PEOPLE who PUT YOU IN IT, 'murka!!!
Here's ANOTHER bowl of shit for you. EAT UP!!!!!
Aww, boo-hoo for the fucking auto industry!
Papers are incredible, readers.
What a bunch of stinking elite shit sheets!
Oh, and get those trousers ready for that next trip to the gas pump, readers.
A NEW RECORD EVERY DAY!!!!
"Nigerian rebel attacks push oil higher"
"by Bloomberg News | May 27, 2008
NEW YORK - Crude oil rose for a second day in New York and traded above $133 a barrel yesterday as militants attacked facilities in Nigeria and OPEC's president ruled out an increase in supplies....
Chakib Khelil said the Organization of Petroleum Exporting Countries won't increase output because the market is well supplied.
Yeah, it is the DOLLAR that is taking a DUMP -- that is why the PRICES KEEP RISING!
Not because of "supply and demand," which is the line the LYING U.S. MEDIA and GOVERNMENT are foisting on Americans!!!
Futures reached a record $135.09 on May 22 after the dollar posted its biggest weekly decline against the euro since March. Prices have doubled from a year ago and surged 20 percent since the start of the month....
Banks including Goldman Sachs Group Inc. and Barclays Capital have increased their price forecasts, citing supply constraints. Goldman raised its price for the second half of this year by 32 percent to $141 a barrel. The bank's analyst, Arjun Murti, said oil may rise to between $150 and $200 within two years....
Or sooner if Bush lets the missiles fly on Iran!!!
Oil prices "might hit $200 a barrel, though it wouldn't be for very long," Branko Terzic, senior energy adviser at Deloitte Services LP, said in an interview with Bloomberg Television. "It wouldn't be sustainable."
Why not?
These are the same guys who are flabbergasted that oil is as expensive as it is now -- which they didn't foresee!!
Prices will probably decline in the next two years as demand slackens because of conservation and the introduction of alternative, renewable sources of energy, Terzic said.
"I'm not worried about running out of supply, though we may run out of cheap oil," he said."Pffffttt!
Yeah, whatever!
That gas a good chaser for your bowl of shit, 'murkns?
