New Motor Vehicle Sales Fell a seasonlly adjusted -0.5% in October and are now down -10.6% from a year ago, the biggest year over year decline in 7 years. Don't expect those year over comparisons to get anything but worse in the short to medium term.
Wednesday, 19 November 2008
Aussie New Car Sales Continue to Slide
Posted by The Fundamental Analyst
Labels: Economy
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2 Comments:
Whats your view on the yank auto industry? They have been buggered for a long time, well before this credit crisis due to legacy costs and SUV concentration etc, so in that regard it seems wrong to save them with a credit crunch bailout. However the shit would hit the fan if the big 3 went under, you could possibly get a bit of social unrest up in Detroit. It would look like upper middle class jobs are worth saving (banking) and the working class dont mattter. Its a tough call.
I think the big 3 US car manufacturers should go into some type of pre-packed bankruptcy arrangement, otherwise they will just keep coming back for more money. There is a lot of fear mongering going on about how many jobs will be lose etc. The fact is jobs are going to be lost anyway, there is too much capacity in the system and rapid downsizing is going to occur anyway.
I understand the blue collar whit collar argument. I don't think anyone should have got a bailout, especially the scumbags on Wall Street.
At the end of the day I think congress will end up doing something for the automakers, maybe freeing up that $25 billion that was already allocated to them by the department of energy. Socialism is back in fashion.
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