DEBTOR NATION

VIDEOS

Wolf Richter On The Keiser Report
"Debtonomics and the NSA"

Wolf Richter on the Keiser Report
"Where Is The Fear"

Wolf Richter on Max Keiser's "On The Edge" 
"The Pauperization of America"

Wolf Richter on the Keiser Report
"Where the Money Goes to Die"

Clarke and Dawe: European Debt Crisis
Two favorite Australian Comedians

Clarke and Dawe: Quantitative Easing
Big industrial-strength printers, all facing the window

The Fastest Drive Ever Through San Francisco
Don't try to do this yourself
 

humanERROR - by "Frying Dutchman"
Powerful, lyrical appeal to the Japanese. Slams nuke industry, MSM, bureaucrats, and politicians.

Entries in Cars, Trucks & Crashes (36)

Friday
May302014

The Wrath of Abenomics: Sales Collapse, Inflation Soars

Even the soothsayers and spin doctors expected a downdraft after Japan’s consumption tax was jacked up to 8% from 5%, effective April 1. But not this.

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Wednesday
Apr022014

Tesla’s Sales Stall, Don’t Even Amount To A Rounding Error

March auto sales trickled out today. Beneath the wondrous hype about how they’d finally exceeded expectations, after they’d been perfectly awful for five of the prior six months, was a doozie. And the media, which normally fawns all over Tesla, covered it with a blackout.

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Thursday
Mar202014

Goldman Goes Bonkers Over Tesla

Wall Street once again stands out as history’s most glorious, most efficient, sophisticated, prolific “gigafactory,” to use Tesla’s newfangled term, for the production of self-serving BS. Investors beware!

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Thursday
Jan162014

The Next Tire To Drop On The US Economy

Auto sales in the US have been hopping for the last few years, and production has soared, and exuberance along with it, and there were even hopes that sales would soon be where they’d been before the crisis, before the bankruptcies, the plant closures, the bailouts.

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Friday
Jan102014

China CLOBBERS The US In Auto Sales, Becomes GM’s Nirvana (Unless You Have To Breathe)

The air in China can get so bad that the whole world talks about it. Though the government is taking the issue seriously and is doing a million things to get the fiasco under control, it remains unclear what exactly people will breathe ten years from now.

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Thursday
Dec052013

How Crazy Is The Auto Financing Frenzy?

A “positive spiral effect?” Lenders are closing their eyes, sales are soaring, risks are piling up, auto loan balances jumped 15% in 12 months to an all-time high, and repossessions in the subprime segment more than doubled.

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Tuesday
Nov262013

Something’s Afoot In China: Young Rich Woman Buying Maseratis

In the US and Europe, 95% of the buyers are male. Average age is 55. What's different in China?

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Monday
Nov182013

Extortion Over Minimum Wage In Germany: BMW, Daimler, VW Threaten to Offshore Production

Germany has neither a minimum wage nor a government. Someday it might. If not, there will be new elections, and Chancellor Merkel might get pummeled because she’d be blamed for them. So she’s trying to form a coalition with the left-leaning SPD on whose list of campaign promises was a decent minimum wage.

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Monday
Oct282013

American Boondoggle Meets Chinese Methods

BYD, the name of a Chinese electric vehicle and solar panel maker, stands for “Build Your Dream.” Maybe that’s what they’re trying to do in China. But here, they’re building a nightmare: broken promises, falsehoods, design flaws... all lushly funded by American taxpayers. And they paid Chinese workers in California $1.50 per hour to do it.

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Tuesday
Oct012013

Supercars In The US, Japan, and China: How QE And Corruption Boosted Sales

Supercar-makers Lamborghini, Ferrari, and Rolls-Royce are reacting to the forces whacking global markets for luxury products: a corruption crackdown in China, Abenomics in Japan, and the Fed’s money-printing in the US. The idea that sales in China, which is printing billionaires by the dozens, are crashing is a hard-to-swallow concept for the industry.

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Wednesday
Sep112013

The Story on the Booming Auto Sales No One Is Talking About

By Michael Lombardi, Profit Confidential: Automakers are exuberant. In August, light vehicle sales increased 17% from a year ago. Consumers are spending! Maybe we will see some economic growth. Sadly, this is a one-sided conclusion. Turns out, car loans are ballooning, and delinquencies are jumping.

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Tuesday
Aug272013

The Undead Corporate Welfare Programs For Automakers

They’re at it again! Originally created by Congress in 2007, the Advanced Technology Vehicle Manufacturing Program provided low-cost government loans that were subsidized, and then in part eaten as we now know, by hapless and strung-out American taxpayers. In 2011, it was left behind as dead, but now the government wants to bring that zombie back.

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Thursday
Mar142013

At The Confluence of Free Money, Pent-Up Demand, And Reality

New vehicle sales have staged a phenomenal recovery from the financial crisis, when buyers went on strike. Sales below the replacement rate create a vacuum that wants to be filled. Pent-up demand. When it kicked in, sales jumped by over 10% annually. Exuberance took over the bludgeoned industry. But late February, something happened to that vacuum.

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Monday
Feb182013

What Ferrari’s Glorious Results Tell Us About The World

The announcement couldn’t have been more glorious in crisis-struck Italy: Ferrari booked records sales and profits in 2012. Dazzling in every aspect. Not a single cloud darkened the horizon. Except in Italy where sales collapsed. And in the rest of the world, where central-bank printer ink stained the records.

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Friday
Feb082013

French Socialist Nightmare: 'The State Cannot Do Everything'

The preannouncement came Thursday evening: PSA Peugeot Citroën, France’s largest automaker, would have a write-down of €4.7 billion. On top of a hefty operating loss. It would be colossal. An all-time record. Rumors spread immediately that PSA would need a bailout. The second in four months.

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Friday
Jan182013

The Currency Wars: Now US Automakers Are Squealing

Japan’s LDP went all out last year to re-grab power. Its platform: print and borrow with utter abandon to create asset bubbles and inflation, and to demolish the yen. Phenomenally successful! So far. But now, US automakers are squealing; they want President Obama to fight back—though the US has been printing and borrowing with utter abandon for years.

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Tuesday
Jan082013

Secret French Plan In the European War Of The Automakers

“Volkswagen has chosen to wipe out PSA,” said a source in President Hollande’s entourage. PSA Peugeot Citroën, Europe’s second largest automaker, is teetering. Volkswagen Group, Europe’s largest automaker, is an invincible giant—that wants to reduce overcapacity in Europe “on the backs of the French,” the source said. Hence a secret plan, a desperate, misbegotten, and taxpayer-funded deal.

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Wednesday
Oct312012

Bleeding the Taxpayer: An Old Technology Dolled Up As New

On September 14, 1899, Henry Bliss stepped off a streetcar in Manhattan and got run over by a taxi. The first automobile fatality in the US. The taxi was an electric vehicle. As were 90% of the taxis in the city and about 30% of all cars sold in the US. Electric cars aren’t exactly new. Yet, the government is bleeding taxpayers to advance that technology, create jobs at a cost of $158,556 per job, and fund executive bonuses.

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Monday
Oct012012

Worse Than The Infamous Lehman September: France’s Private Sector Gets Kicked Off A Cliff

The Paris auto show should have been exciting. Over 100 new models from econo-boxes to exotic prototypes. Chicks next to some of them. Nausea-inducing colors, downsized motors. Something for everyone. But it had been preceded by supplier events loaded with the dire verbiage of an industry on a death march. Particularly in France, whose private sector is veering into economic fiasco. And on Monday, it became official.

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Monday
Aug062012

The German Economy Caves, And Eurozone Bailouts Take On New Dimensions

Last year, German exports rode to a new record, jobs were being created in massive numbers, real wages rose, housing and real estate boomed, the federal budget was nearly balanced, and consumers felt good and spent money. There were moments in 2012 that made people dream of a repeat performance—despite the havoc that the Eurozone debt crisis has been wreaking. But now, the German export machinery is shifting down with an ear-piercing screech.

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