Daily Archives: October 1, 2008

Credit Crunch hits Auto Industry

Auto Industry is feeling the heat from the credit crunch in the US market and is heading south

 General Motors reported that sales of cars and light trucks dropped 16% compared to September a year ago. Sales at Ford tumbled 35% from last year and Toyota says September sales down 32.3%. Chrysler LLC sales are forecast to drop by 37%.
Auto industry is starting to look like the Real Estate market (though there have been no bubble , like we saw for housing ) , but analyst predict that as many as 3,800 U.S. car dealerships could fail this fall and into 2009 — nearly one in five — because of weak sales, increased operational costs and the credit crunch.

If on an average a car dealer employs around 50-60 employees , we are looking at a minimum 200,000 job losses. And if these auto giants start to go bankrupt the amount of job loss is unimaginable.

Advertisements

1 Comment

Filed under AIG, bailout, Business, Capitalism, Cars, Credit Crisis, Delhi, Democrats, Economy, Election, Election 2008, Ford, GM, Media, News, Politics, Toyota, Uncategorized, US, US Government

Palin on which newspapers she reads: ‘Um, all of them”

 

Katie Couric asked Sarah Palin which sources she relies on for her news consumption. Caught off guard, Palin could not name a single news source:

COURIC: And when it comes to establishing your world view, I was curious, what newspapers and magazines did you regularly read before you were tapped for this — to stay informed and to understand the world?

PALIN: I’ve read most of them again with a great appreciation for the press, for the media —

COURICBut what ones specifically? I’m curious.

PALINUm, all of them, any of them that have been in front of me over all these years.

COURIC: Can you name any of them?

PALIN: I have a vast variety of sources where we get our news.

 

Leave a comment

Filed under Delhi, Democrats, Election 2008, Entertainment, Fact, Funny, Humor, Indian Politics, Interview, John Mccain, Katie Couric, Mccain, Media, News, Palin, People, Politics, Republican, Sarah Palin, US, US Government, Women