Auto Sales

Navigating Through The Storms: "I'm Losing My Sense Of Outrage"

"My frustration and disillusionment with a world gone mad has begun to affect my mental state. I’m losing my sense of outrage which has driven me to write for the last nine years. It isn’t worth the expended energy when it will change nothing. I’m resigned to the inevitability of economic collapse. It’s just a matter of when."

More Bad News For Autos: Wells' Auto Loan Originations Crash To An All Time Low

While Wells Fargo's overall earnings report was passable despite another decline in overall loan growth, it contained another flashing red light: in an unexpected twist, Wells reported that auto loan originations crashed 45% Y/Y to only $4.5 billion, the lowest print since the bank started disclosing this item back in 2013.

Fed's Beige Book Warns Of Declining Auto Sales, Sees Rising Benefit Costs Limiting Wages

While the Fed's traditionally drab Beige Book is routinely ignored by the market, this time there were several notable highlights in the just released July edition, not least of all the apparent downgrade in the overall economic activity which for the first time described the pace of growth as "slight to moderate" versus its staple "modest to moderate" classification. 

A Tale Of Two Gold Markets

"... if you called to buy gold and I did not know you personally, I would not even return the call. We have none available..."

Stockman: "We're On The Fast Track To 'Carmageddon'"

"...booming economic growth is exactly what is priced into the still soaring stock market averages. But the Carmageddon story is evidence of the rot which lies beneath today’s mutant economy and lunatic financial bubbles..."

David Stockman On The Coming Carmageddon

Ben Bernanke’s successors at the Fed and other global central banks still don’t get it. Falsified debt prices do not promote macroeconomic stability. They lead to reckless credit expansion cycles that eventually collapse due to borrower defaults.

Key Events In The Coming Holiday-Shortened Week: Payrolls, Fed Minutes, ISM, G-20

The key economic releases this week are ISM manufacturing on Monday, ISM non-manufacturing on Thursday, and the employment report on Friday. There are several scheduled speaking engagements by Fed officials this week, including a speech by Fed Vice Chair Fischer on Thursday. The minutes from the June FOMC meeting will be released on Wednesday.