Some numbers that came out today are on the declines the auto industry experienced during the month of February. Apart from the fact that General Motors’ Opel, its German brand, is running out of cash and is clamoring for Angela Merkel’s government to aid it, its parent company here in the US suffered another 53% decline last month. On the other hand, its competitor and fellow struggler Ford reported a negative 47% figure. Perhaps one of the better positioned Toyota Motors plunged by 37.5%. Without a light at the end of the tunnel anytime soon, I’m wondering when these automakers, with the exception of TM, will wave the white flag. Yes, they do have to. Again, going back to the previous but biggest issue, without big concessions made with the Union, GM and its pals would probably seek aid far many more times than the ailing AIG.
On another but similarly negative note, home sales drop by 7.7% in the previous month to record low.