There was good news for the car industry today. Just about every car company sales in March were up and in double digits. The car industry hasn’t seen this kind of monthly performance in nearly four years. The AP reports, “General Motors Co. said Tuesday that its U.S. sales rose 12 percent compared with last March on solid demand for cars and small crossovers that achieve 30 miles per gallon or better on the highway. Chrysler Group’s sales jumped 34 percent as buyers went for Fiat small cars and Chrysler sedans. Toyota Motor Corp. said sales were up 15 percent, with sales of the Prius hybrid climbing 54 percent for the month. Sales at Ford Motor Co. rose 5 percent as demand for the Focus small car rose sharply.”(Click here for the complete AP story.)
This was partly because of small car sales, but a much bigger factor is sub-prime financing. I wrote about this in a post about a month ago. (Click here for the complete story.) At least 40% of car loans are high risk borrowers. I say it’s back to pleasure now and lots more pain later. Loaning money to people who will have a high probability of default is no way to run a real recovery. If we were in a real recovery, then people like billionaire Hugo Salinas Price wouldn’t be saying things like, “I think that unless we see legislation, somewhere, that is rational and recognizes that gold and silver are really different forms of money, and that this whole scheme of paper is unworkable, then the world is going to go down in flames. The only thing that would last will be people’s savings of gold and silver.”(Click here for the complete interview recently from King World News.)
Did you get that? Once again, “. . . the world is going to go down in flames.” Why would a billionaire say this if the economy was really “recovering”? The simple answer–It’s not! So what’s coming if it’s not a recovery? Chris Duane of TheGreatestTruthNeverTold.com says, “Street justice is coming to America.” Here’s his video (in the form of an interview) to explain his prediction:
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Greg is the producer and creator of USAWatchdog.com. The site’s slogan is “analyzing the news to give you a clear picture of what’s really going on.” The site will keep an eye on the government, your financial interests and cut through the media spin. USAWatchdog.com is neither Democrat nor Republican, Liberal or Conservative. Before creating and producing the site, Greg spent nearly 9 years as a network and investigative correspondent. He worked for ABC News and Good Morning America for nearly 6 years. Most recently, Greg worked for CNN for shows such as Paula Zahn Now, American Morning and various CNN business shows.