Good: Ford, Toyota US Sales Flat; GM Down
DETROIT (AP) -- Automakers reported mixed U.S. sales results for November on Monday, with some new or more fuel-efficient models performing well despite consumer malaise over high gas prices and the weak economy. But even with rising sales of small cars and crossovers, the industry is predicting things will get worse in 2008. General Motors Corp. said Monday it is cutting scheduled first-quarter production by 11 percent, while Ford Motor Co. said it would cut scheduled production by 7 percent. Ford's top U.S. sales analyst, George Pipas, said the automaker is predicting sales will be at their slowest pace in a decade in the first half of 2008.
Gooder: Wall St Falls on Mortgage Unease
NEW YORK (AP) -- Wall Street fell Monday, led by financial services stocks, on concerns that the U.S. economy's expansion will erode amid troubles in the mortgage industry.
The stock market's decline followed a week in which the Dow Jones industrial average made its biggest weekly point gain in more than four years, rising nearly 391 points, or 3.01 percent. But that advance proved short-lived after a pair of Federal Reserve officials on Monday expressed worry about the subprime mortgage crisis and its impact on banks and brokerages.
Goodest: Housing Execs Warn the Worst Is Coming
WASHINGTON (AP) -- The CEO of the country's biggest mortgage lender says greater government intervention is needed to rescue the U.S. housing market as his peers warn the worst is yet to come. The gloomy assessments of the housing market were made Monday at a conference sponsored by the Office of Thrift Supervision, where Treasury Secretary Henry Paulson said an agreement is imminent to temporarily freeze interest rates on thousands of mortgages at risk of default.
What this means:
Housing is more fucked than anyone will admit. Like I predicted.
Housing was never contained. Like I predicted.
The mortgage bailout will do nothing. Like I predicted.
Housing will slide us into a severe recession. Like I predicted.
Stocks are as overvalued as real estate and are trending towards a semi-2001 crash of their own (although not as bad as the 70% NASDAQ crash.)
What the NAR (National Association of Realtors) will say:
Now is a great time to buy houses.
What Larry Kudlow will say:
Now is a great time to buy stocks.
What Bush will say:
Something idiotic
What Hillary will say:
Not sure but she will raise my taxes by implementing what she says.
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