Word: auto
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...press is upset that the car companies will not put on their usual splendid displays at the New York International Auto Show. There will not be a big collection of V8 thunder cruisers, women in bikinis to demonstrate the latest models, and wild concept cars which are inordinately attractive but will never be built...
Instead, the auto manufacturers, especially The Big Three, are showing up with paper and Styrofoam versions of their future models which will sit on linoleum floors. The most extravagant attractions, which were often better than the cars, will be completely absent. As The Wall Street Journal points out, "Chrysler LLC has eliminated its popular test track in the basement of the Jacob K. Javits Convention Center, for which it once trucked in tons of dirt, rocks and logs and where attendees could go for a short spin in a Jeep. " (See pictures of the Top 10 scared traders...
...auto companies are losing perspective by chopping what they spend when they come to New York. The only purpose that the car show has ever had was to sell cars. The parts about seeing Broadway shows and drinking too much was always a side-show. The Javits Center has acres of space and can accommodate tens of thousands of people over the period of the event. Cheating potential customers of their one chance to see the best of the industry is an invitation to pushing light vehicles sales down even further. Who wants to buy what the car companies will...
...York Federal Reserve says the second round of TALF lending amounts to just two issues for $1.7 billion in loans, divided roughly equally between auto and credit cards. The $1.7 billion is well below the $4.7 billion in loans from last month. Fed officials say they will return after the holiday weekend to try and get a sense of why the subscription was so light. (Read "Doubts Raised About Government Plan to Boost Consumer Lending...
...last possibility may be the most worrying - that there has been a fundamental shift in the appetite for nonbank securitized loans, which previously represented some 40% of U.S. consumer lending. "The Fed and Treasury have said we're prepared to lend up to $200 billion for small business, auto, student and other kinds of loans, but what is the market for them?" says the Fed official. "You still have to figure out what the demand is at this point, because of the state of the economy and whether people are comfortable doing these [securitized nonbank loans...