Be careful out there was the fore-warning that the Sargeant gave to his police officers on the old cop show Hill Street Blues. It deserves our continued attention. The people who told us two years ago that we had no housing worries are now telling us the worst is over for the economy. They say the data are improving. Here are the most current facts arguing that the popular wisdom is still wrong.
Our psuedo, taxpayer subsidized recovery has no market foundation and is another government sleight of hand that will falter sometime in the near future (next 6 months) and add to the already high consumer distrust of our so-called experts. Once again, the solution, as painful as it is, is for consumers to reduce their personal debt, and for government to sit quietly on the sidelines awaiting a market-driven recovery. Painful is an operative word since without it we learn nothing and continue to repeat past mistakes over and over again.
Auto Sales: More Reasons for Optimism?
Auto sales fell significantly last month — no surprise there. But there was a surprise in who took the biggest hit: the Japanese automakers:
Toyota plunged 41%
Honda 42%
Nissan lost 33%
BMW fell 27.7%
Volkswagen fell 12.4%
Mercedes-Benz sales were down 33%
Porsche Sales Down 29%
Hyundai lost 15%
General Motors fell 30%
Ford Motor 24%
Chrysler dropped 47%
The industry’s seasonally adjusted sales rate tumbled to 9.2 million in May. While these numbers are pretty bad, the US companies fared better than expected . . .
More...
Bank Profits (Federal Reserve):
follow the address to the chart they do not want you to see.
Source:Profits and Balance Sheet Developments at U.S. Commercial Banks in 2008Morten L. Bech and Tara Rice,Federal Reserve, June 2, 2009http://www.federalreserve.gov/pubs/bulletin/2009/pdf/bankprofits09.pdf
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