Word: summits
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...automobile business is great. Just ask someone who's in it. "People want to buy cars," says Rod Buscher, CEO of Summit Automotive Partners in Denver, which owns 30 assorted dealerships nationwide. And he really wants to sell cars. The problem is that would-be buyers lack either the income or the access to credit that would allow them to drive a new Malibu or Lincoln or Camry off the lot. That won't last forever; in fact, the automobile business figures to be good in 2011 and terrific in 2012 - which also happens to be an election year...
...true that we've been putting off buying cars for nearly two years as unemployment has climbed and credit has been choked off. (Showroom traffic is increasing, notes Summit Auto's Buscher; it's financing that continues to lag.) But that also means that we'll be readier to buy when credit starts to loosen. Even if this recession lingers longer than expected, results will pick up substantially in 2011. Analyst Luedeman predicts that sales in North America will bottom out at 8.4 million units this year (others say slightly higher), then jump to 10.2 million...
...Obama faces the problem of having a Congress which will generally support him. But, when a Representative's district is losing jobs because of the dumping of Japanese steel or Swiss watches, the tenor of the conversation will change. Trade won't work out the way the G-20 summit says it will. National interests to protect local industries are too strong...
...weeks, world leaders have been blaming the crisis on the immediate villains: banks, investors and derivatives traders who took on more risk than they could handle. A regulatory structure that failed to notice the problems. A global consumer delusion that the bubble could expand forever. (Read "The G-20 Summit: Can This Group Save the World Economy...
...last fall, it was hardly mentioned at all. But as former Treasury Secretary Hank Paulson said in November, it cannot be left untreated over the long term. "The pressure from global imbalances will simply build up again until it finds another outlet," he explained. (Read "The G-20 Summit: Obama Can Stay Home...