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...Dealers, while loathing the 136 pages of rules surrounding the program and criticizing the government's unfriendly website for processing claims, are uniformly eager to see the program continue. "You've got to understand, I'm for anything that helps sell cars," noted a Michigan dealer, who described how he had to painstakingly feed claims into the site...
...today's sales boost could lead to tomorrow's sales slump. He likens the current cash-for-clunker boost to the 0% financing that automakers introduced in the aftermath of the 9/11 attacks in 2001. As a result of those incentives, motor-vehicle sales perked up and the economy got a nice boost. "But what all these gimmicks do is bring forward consumption - they don't create anything more than a brief spending splurge at the expense of future performance," Rosenberg says in a new report, pointing out that after the post-9/11 financing incentive ended, sales dropped back...
...coming home from an evening drinking with friends, and got into a taxi that already had a pretty young woman in the backseat on the way to her destination. He got to his stop, paid the driver, and turned around and asked the stranger “Do you want to make love to me?” (That’s the tamest way I can put the translation.) The girl thought for a moment, and then shook her head as if it did not matter either way, then got out of the taxi and went off with...
...there are other, less familiar historical moments that also have unmistakable resonance with the present. We've just finished living through a long Gilded Age, in which rich Americans got richer, and more and more people began consuming conspicuously. The original Gilded Age began a century earlier, in the 1870s, during a laissez-faire boom that lasted - déjà vu! - from the end of one Wall Street and banking meltdown (the Panic of 1873) to the beginning of another (the Panic...
...value before ending the day down 5% on record-breaking trading volume of $43.3 billion. The sell-off was the largest one-day decline in Chinese stocks in eight months, and set off panic purging in Hong Kong, where the Hang Seng Index lost 2.4%. Even the U.S. got dinged, with the Dow Jones Industrial Average ending the day off by 26 points...