"We simply exhausted the productivity benefits of prior innovations. In the late 19th century, hugely important 'general purpose' technologies, like electricity and the internal combustion engine, were invented."
“We got a catered meal of hot dogs and hamburgers as our thanks while others, I’m sure, got big bonuses."
The scandal swirling around Germany's largest listed company had its beginnings in an attempt to crack the U.S. market, the missing link in VW's global footprint. But, as Handelsblatt details, what began as expansion ended in deception (piecing together the events that led up to the scandal, based on the facts as they are currently known).
The unforeseen consequences of the advent of electric cars will reverberate much farther than the demise of dealerships and significant shifts in market share in the auto industry.
US Futures Surge Nearly 30 Points To Overnight Highs After Tumbling On Worst Chinese Data In 6 YearsSubmitted by Tyler Durden on 09/23/2015 06:55 -0400
In many ways, the overnight market has so far been a reversal of yesterday, when a stable Asia session (with China stocks rising) gave way to a European tumble which in turn dragged the US lower.
When bailout-darling GM 'fessed up to an intentional ignition-switch defect, tied to at least 174 deaths, The Justice Department fined them $900 million (and no employees faced criminal charges). So, in this consequence-less world in which we live, when Volkswagen admits to literally cheating emissions-standards tests, it faces up to $18 billion in fines from The EPA, one has to wonder whether "we" have our priorities right?
- The bearish dovish Fed: Shares Fall After Federal Reserve Keeps Rates on Hold (WSJ)
- Developed, emerging markets diverge as Fed keeps rates steady (Reuters)
- Yellen May Emulate Taper Template and Raise Rates in December (BBG)
- Russia Raises Prospect of Sending Troops Into Combat in Syria (BBG)
- Rigged markets 1: U.S. Said to Investigate Chicago Trader as Spoof Probes Broaden (BBG)
- Rigged markets 2: Primary Dealers Rigged Treasury Auctions, Investor Lawsuit Says (BBG)
- Rigged markets 3: The Man Who Took KKR’s Stock for a Ride (WSJ)
- Wall Street Has Doubts About Fed Lifting Interest Rates (WSJ)
- Global stocks at three-week highs as Fed decision looms (Reuters)
- Charting the Markets: The World Awaits the Fed (BBG)
- Powerful quake off Chile slams waves into coastal towns; eight killed (Reuters)
- As Fed Storm Brews, Europe Stocks Seen Weathering Turmoil Best (BBG)
- Fiorina's rise adds another insurgent to U.S. election fray (Reuters)
- Contrarian CEOs tell the Fed: Go ahead, raise my rates (Reuters)
- Goldman Warns Markets Unprepared for Fed as Treasuries Seesaw (BBG)
- Investors Look Beyond Fed Meeting, See Low Rates (WSJ)
- Volatility seen lingering no matter what the Fed does (Reuters)
- What Rising Interest Rates Would Mean for You (BBG)
- China Stocks Jump in Last Hour of Trading on State Support Signs (BBG)
- No Escape for China Hedge Funds Overwhelmed by Stocks Crash (BBG)
- Hedge Fund Bridgewater Defends Its ‘Risk-Parity’ Strategy (WSJ)
- China stocks resume sharp slide as economic worries mount (Reuters)
- OECD head says sees further cut to global growth forecasts (Reuters)
- The U.S. Dollar Is Gaining Like It's the 1980s — For Better or Worse (BBG)
- Glencore Slumps to Record Low, Erasing Gains Since Debt Plan (BBG)
- Woman killed, 400 homes destroyed by California wildfire (Reuters)
- Why Morning Is the Worst Time to Trade Stocks (WSJ)
- German Investor Confidence Damped by Weaker Emerging Markets (BBG)
Just two weeks ago we explained in a few simple charts why US auotmakers have a major problem looming over them. Today, as Reuters reports, that "if we build them, they will come" strategy has imploded as China's largest automaker warns "the domestic market situation in the second half of the year remains grim." With Q2 US GDP driven by a massive inventory surge, and the majority of that from autos, any hope for a sales rebirth to burn through that over-burden is a long-lost dream now as SAIC sees little to no growth over 2014.
What the data does suggest is while the BEA can change the methodology for calculating economic growth, a change in the "math" does not change the "reality."
Elio Motors announced earlier this week that it has received “non-binding indications of interest” valued over $25MM through its initial crowdfunding campaign on StartEngine. To date, the company has received $25,436,650 from 6,773 people, averaging $3,755 per person, and will continue to take additional expressions of interest while working with the SEC on next steps. It will eventually proceed with filing an offering statement and will begin to make a formal stock offer to interested investors after approval.
- Fed expected to push ahead with rate hike plan (Reuters)
- Upbeat earnings lift European stocks ahead of Fed (Reuters)
- Chevron to Cut 1,500 Jobs (Rigzone)
- Can Windows 10 Revive PC Sales? (WSJ)
- U.S. Junk-Bond Buyers Left in Dark as Private Deals Become Norm (BBG)
- Jeb Bush Drawing Big Bucks From GOP Establishment (WSJ)
- Myriad of Greek Risks Means Money Managers in No Hurry to Return (BBG)
- Gas production at Gazprom set to hit post-Soviet low (FT)