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Current economic news & events

  • #1
  • First Post: Edited 11:59pm Feb 3, 2009 11:45pm | Edited 11:59pm
I'm starting this thread to discuss, as the thread says, current news and events specific to the economy and trading.

As much as I like to unwind and put my hair down, I want this thread to be more formal. To make a parallel with the non-virtual world, this would be the place to walk in with a suit as opposed to jeans and t-shirt.

I don't want to discount anyone's input but will change the thread's permission if I believe it to be necessary.

While I want to encourage healthy discussions and debates, I pledge to not get involved in and will not tolerate any bickering. It's OK to disagree with someone, it's how the message is conveyed that matters.
Not all sins are created equal
  • #2
  • Feb 3, 2009 11:56pm Feb 3, 2009 11:56pm
US car sales fall below China’s for first time

I believe that the discounts offered to American car buyers are too steep. I understand that it's an effort to clean inventory but couldn't they produce less and sell what they produce?

Arguably, this could be the very early steps of China creating it's very own middle class.

http://www.ft.com/cms/s/0/e99e8514-f...0779fd2ac.html
Not all sins are created equal
  • #3
  • Feb 4, 2009 1:29am Feb 4, 2009 1:29am
Quoting Jay Walker
I understand that it's an effort to clean inventory but couldn't they produce less and sell what they produce?

Arguably, this could be the very early steps of China creating it's very own middle class.
They are producing less.

China's middle class will only evolve if the gov't let's them. They have an upper class and a lower class, no real middle class as far as I can tell. All the cars that are being sold in China have a "longer wheelbase" version to them, even a freaking Audi A4! To them that is upper class since it's stretched. The middle class doesn't exist there.
  • #4
  • Feb 4, 2009 8:49pm Feb 4, 2009 8:49pm
Quoting Skyhook
They are producing less.

China's middle class will only evolve if the gov't let's them. They have an upper class and a lower class, no real middle class as far as I can tell. All the cars that are being sold in China have a "longer wheelbase" version to them, even a freaking Audi A4! To them that is upper class since it's stretched. The middle class doesn't exist there.
True Skyhook, they are producing less. That's because they are exporting less as their main client, America, is out of cash.

China's middle class is evolving. I had the chance to visit China in 2000 and while I have not seen any Audi A4 during my stay, I can say that the image of a China with thousands of bicycles on the streets is well and truly gone. Bicycles have been replaced by cars, lots of them taxis.

The middle class does not exist yet, at least not in the same stereotypical way seen in America. But I believe that there is a definite possibility that they could begin creating their own in the same way America did after WWII.

They have the manufacturing base needed as well the transportation network required. If they let the Yuan rise, their own people could start buying what they manufacture and the effect would simply snowball from that point forward.
Not all sins are created equal
  • #5
  • Feb 4, 2009 11:44pm Feb 4, 2009 11:44pm
So the good people of the United Kingdom pay taxes that pays for a school system and bail out their corrupted bankers.

Now, they also have to bail out the private schools where the kids of the very same crooked bankers are going.

http://www.guardian.co.uk/education/...ised-academies
Not all sins are created equal
  • #6
  • Feb 6, 2009 2:38pm Feb 6, 2009 2:38pm
Dubai in numbers

3.62 million expatriates in Dubai
864,000 nationals
8% population decline predicted this year, as expatriates leave
1,500 visas cancelled every day in Dubai
62% of homes occupied by expatriates 60% fall in property values predicted
50% slump in the price of luxury apartments on Palm Jumeirah
25% reduction in luxury spending among UAE expatriate


People now abandoning luxury cars at the airport in Dubai skipping their bills.


http://business.timesonline.co.uk/to...cle5663618.ece
Not all sins are created equal
  • #7
  • Feb 7, 2009 4:45pm Feb 7, 2009 4:45pm
Temasek Holdings will reportedly change their chief executive. Ho Ching will be stepping down and is to be replaced by BHP Billiton's Chip Goodyear making him the first foreigner at the helm of the sovereign wealth fund.

An article on the topic can be found at http://www.telegraph.co.uk/finance/n...t-Temasek.html

Quote
Mr Goodyear was at BHP from 1999 to 2007 and analysts said yesterday that he was likely to take Temasek into the commodities and mining sector. The group has almost no holdings in this area at the moment.

Anyone following Jim Rogers knows that he has been preaching about investing in commodities for quite some time. Temasek heading in the same direction only validates his point even further.
Not all sins are created equal
  • #8
  • Feb 9, 2009 11:10pm Feb 9, 2009 11:10pm
Some threads gather some momentum, some don't.

Still trying to spark the debate. Here is a video of Jim Rogers saying why the Euro will not last.

Do you thin Rogers is right, wrong?

I think that in time, he could be right.

Inserted Video
Not all sins are created equal
  • #9
  • Feb 10, 2009 11:59pm Feb 10, 2009 11:59pm
If you're from the UK, you should be really upset over this.

Revenge of the whistleblower: HBOS executive sacked and gagged for warning of disaster.

http://www.dailymail.co.uk/news/arti...truth-MPs.html
Not all sins are created equal
  • #10
  • Feb 11, 2009 3:10am Feb 11, 2009 3:10am
How about this on from the WSJ titled: Public flaying for UK bank titans. http://online.wsj.com/article/SB123425796917567475.html

Just once, please, someone stand up to these government bureaucrats right in front of the cameras and denounce thier failed self-serving policies.
Instant transformation from failed CEO to instant folk hero. And frankly this might just be what these markets need.
History is written by the victors.
  • #11
  • Feb 11, 2009 8:08pm Feb 11, 2009 8:08pm
Quoting Money-RX
How about this on from the WSJ titled: Public flaying for UK bank titans. http://online.wsj.com/article/SB123425796917567475.html

Just once, please, someone stand up to these government bureaucrats right in front of the cameras and denounce thier failed self-serving policies.
Instant transformation from failed CEO to instant folk hero. And frankly this might just be what these markets need.
This is what a revolution is. To stand up to the bureaucrats. I think we're due.
Not all sins are created equal
  • #12
  • Feb 18, 2009 9:24pm Feb 18, 2009 9:24pm
Maybe I should short GM and Ford.

GM, Chrysler Have 70% Chance of Filing Bankruptcy, Moody’s Says

http://www.bloomberg.com/apps/news?p...1i8&refer=home
Not all sins are created equal
  • #13
  • Feb 22, 2009 10:04pm Feb 22, 2009 10:04pm
Government to take over 40% of Citi?

http://online.wsj.com/article/SB123535148618845005.html
Not all sins are created equal
  • #14
  • Feb 22, 2009 10:11pm Feb 22, 2009 10:11pm
Quoting Jay Walker
Government to take over 40% of Citi?

http://online.wsj.com/article/SB123535148618845005.html
I thought the gov. already owned about 200%
History is written by the victors.
  • #15
  • Feb 22, 2009 10:14pm Feb 22, 2009 10:14pm
Quoting Money-RX
I thought the gov. already owned about 200%
They will if they continue this way.
Not all sins are created equal
  • #16
  • Feb 22, 2009 10:38pm Feb 22, 2009 10:38pm
Not sure if this is for this thread but there has to be a lesson here somewhere. http://www.thisismoney.co.uk/news/ar...6&in_page_id=2.
History is written by the victors.
  • #17
  • Feb 22, 2009 10:44pm Feb 22, 2009 10:44pm
Quoting Money-RX
Not sure if this is for this thread but there has to be a lesson here somewhere. http://www.thisismoney.co.uk/news/ar...6&in_page_id=2.
I see this as an example of how the populace is ever becoming submissive to the whims of people because of their wealth and/or status.

Eat or you're not a team player! Or unemployed. The envelope is being pushed more and more.
Not all sins are created equal
  • #18
  • Feb 22, 2009 11:10pm Feb 22, 2009 11:10pm
Quoting Jay Walker
Maybe I should short GM and Ford.

GM, Chrysler Have 70% Chance of Filing Bankruptcy, Moody’s Says

http://www.bloomberg.com/apps/news?p...1i8&refer=home
I would not short Ford. The Fusion and F150 are too strong and as GM and Chrysler tumble Ford will gain with "buy USA". Of course that would have to coincide with a general optimistic perspective of the economy and stock market. I will be watching Ford close for small buy when price gets back down to around 1.30, the November low.
Also parts supplier acquaintance still getting orders from Ford whereas GM & Chrysler not ordering or paying old invoices. Of course when you refuse to hire a GM purchase mgr.'s 21 year old son to walk around your factory at $25 hour you probably lose a few orders.
History is written by the victors.
  • #19
  • Feb 22, 2009 11:13pm Feb 22, 2009 11:13pm
Quoting Money-RX
I would not short Ford. The Fusion and F150 are too strong and as GM and Chrysler tumble Ford will gain with "buy USA". Of course that would have to coincide with a general optimistic perspective of the economy and stock market. I will be watching Ford close for small buy when price gets back down to around 1.30, the November low.
Also parts supplier acquaintance still getting orders from Ford whereas GM & Chrysler not ordering or paying old invoices. Of course when you refuse to hire a GM purchase mgr.'s 21 year old son to walk around...
The last guy who did that was Kirk Kerkorian. Be careful.
Not all sins are created equal
  • #20
  • Feb 24, 2009 12:47am Feb 24, 2009 12:47am
http://us.bc.yahoo.com/b?P=07.17UWTV...620396%2fV%3d1 AmEx paying card holders to close their accounts




http://finance.yahoo.com/news/AmEx-p...-14442536.html

"American Express, often seen as catering to relatively wealthy customers and companies, has been expanding its credit card business in recent years by reaching out to a wider range of clients.

But that strategy has backfired. The company's earnings tumbled in the fourth quarter as credit losses jumped and debt-burdened consumers slashed spending."


That's what happens when you give credit to people undeserving of it.
Not all sins are created equal
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