Auto Sales were down 35%, credit to average people is drying up and we’re waiving the lassiez fare flags “business are failing like they should?”. As i mentioned last week, the bailout wasn’t about saving the criminals, but protecting their victims.
How many car salespeople gamble online? How many had a good summer of selling? How many carpenters had slow summers and expect not to have work (not uncommon in the north) all winter are poker players, etc. Our friends, families, customers and some fellow webmaster depend on jobs and those jobs need credit for consumers and business to keep working. Letting us swing from a wildly loose period of credit to wildly tight period with no credit may be the “best for the market” but it sucks for the 100s of millions of people that the market is created from and supposed to serve.
The world’s economy is starting to shut down because credit is drying up. General Electric, a long time “blue chip” basically borrowed $3 billion, for 2 years from warren buffet at 10% interest, plus in the money options on 1% of the company’s stock, which are currently worth about $265 million. If GE has to pay 10% plus 10% in options, what does the used car dealer pay or the restaurant owner, etc. This will kill off jobs, kill off spending and throw the US and it’s trading partners into a huge recession/depression ala Japan since 1989.:flush: