Automakers' job cuts are at 38,000 and counting As global auto sales slow after a decade of growth, carmakers are girding for a deeper downturn by slashing payrolls. From China to the U.K., Germany, Canada and the U.S., companies have announced at least 38,000 job cuts in the past six months. . (Industry Week)
Auto sales grew in a large part by "ever expanding credit at near zero rates". That dynamic appears to be "coming in*"... along with housing in a similar boat... "Topping signs in the economy"?? *Industry lay-offs, plus Mercedes stockpiling unsold cars and SUVs "wherever there is space". Can't count autos into GDP forever if nobody is buying them.
You Trumpers and the "best economy ever" predicated on tax cuts and record deficits. Good job, Bro. Beautiful.
Wanted to say what I really think of you and your views, but the Mods don't want me to do that in other than the "Politics" forum. Sadly, I'm going to miss that opportunity... as I'm putting you ON IGNORE, here and now!!
You put me on ignore months ago? Trumper not know how do ignore? lol: https://www.elitetrader.com/et/search/9104611/?q=destriero+ignore&o=date&c[user][0]=140770
It reminds me of what happened yesterday when I went to the dealership to get my car serviced. I simply went in to get an oil change and tire rotation and while there, the manager asks if I’d be interested in getting the 2019 model of my vehicle. I told him that I had no interest in such, to which he then told me that they have a program where they’re buying back the older model cars at $5k above blue book value in order to help people get the latest models. I told him that I’m definitely not interested now since I have zero interest in piling up debts, especially when my car is only 4 years old and works just fine. He insisted that the deal they’re offering would be better for me than what I’m presently doing. I agreed to let him run some numbers for me and we’d take it from there. After he ran the numbers, we’re talking monthly car payments of almost $800 per month! On the low end, payments were $650. I have a nearly 800 credit score, so my interest rate wasn’t high. Of course I immediately told the sales team that I have no interest in making a purchase, especially when I presently pay only $200 per month and I’m in the final year of my car note. The sales team spoke as if I were being irrational and told me that I was offered one of the better deals. By the way, this is not some high end car dealership. Hell, it’s Nissan. I thought to myself...if people are paying that much per month for vehicles, everyday 9-5 people, then it probably won’t be long until a wave of defaults hit the auto market.
You're not wrong, people have been talking about it on this forum (I think anyway) for a while. The question is how do you play it... (Edit: because I'm betting these things are securitized, repackaged and resold like hell)