HowardCollapse in Auto; Hedge Fund Clones
Hot Dogs in Harlem, NYC
Sales continue to collapse in US total car and truck sales. So don't believe the sick hype in the NY Times telling you that it's OK that Detroit, Michigan automakers are shutting down, because Toyota is opening a new plant in Kentucky. First of all, these plants in the South and West, run by Toyota, Honda, Nissan and Hyundai are rip off operations. They rip off the American people by being 1. non-union, no or very limited benefits 2. wages as low as $9 an hour.
It seems beyond belief but in Philadelphia, Mississippi, mostly Black American auto workers are getting jobs that are for five years "temp jobs", and getting paid as low as $9- an hour. This is not going to save industry, it won't work.
Meanwhile, total US sales in November were 1.19 million autos and trucks. That's actually up 2.6% were last November, but it is not going to be enough to save Ford. Chrysler is losing $1,000 on every car it sells, and an unprecedented bonus of $7,000 in "dealer cash".
The Cererus Hedge Fund, is in talks to buy 12 of the 21 closed plants of auto parts supplier, and GM spinoff, Delphi. Maybe, they are speculating on the real estate. And now you have the Hedge Fund Clone Index (so-called) being launched by Goldman Sachs. This is so degrading, when does it all crash already?
