Tag Archives: great recession

2020 Commercial Vehicle Production Forecast down -22%

Global commercial vehicle production (GVW 4-8) volumes in 2020 compared to 2019 are forecast to be down -22% or more than 650,000 units to 2.6 million units because of the COVID-19 pandemic, according to the most recent analysis from IHS Markit (NYSE: INFO). Continue reading

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Troubled Asset Relief Program – Total Cost $32B

The Troubled Asset Relief Program (TARP) of 2008 and other desperate actions let the Department of the Treasury promote stability in financial markets through the purchase and guarantee of “troubled assets.” It was a latter part of the Emergency Economic … Continue reading

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U.S. July Jobs Numbers are Dreadful

Even though the latest economic data show that the contraction during the Great Recession was slightly less severe than previously reported, it remains the largest decline since quarterly data became available in 1947. Cumulatively, real GDP fell by 4.3% during the recession. Moreover, the jobs lost then have never been recovered. Continue reading

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U.S. Unemployed Far Outnumber Job Openings

The April Job Openings and Labor Turnover Survey (JOLTS) released last week by the U.S. Bureau of Labor Statistics shows that job openings fell by 118,000 in April to only 3.8 million. Job openings have seen little improvement during the last year and remain depressed. In 2007, there were 4.5 million job openings each month. April’s rate of 3.8 million is more than 16% below the levels before President Bush’s Great Recession took hold. Continue reading

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Taxpayers to Recoup $1.3 Billion on Latest GM Stock Sale

U.S. Treasury today said that the 30 million shares of GM common stock it is selling at $34.41 per share is expected to total a $1.03 billion recovery for U.S. taxpayers. Continue reading

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U.S. Trade Deficit with Korea Highest on Record under FTA

The U.S. trade deficit with South Korea reached its highest level in history just ten months into the controversial trade agreement, according to the latest data released by the U.S. International Trade Commission. During January the deficit with South Korea was at -$2.4 billion — the largest monthly deficit with Korea on record. Continue reading

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U.S. Treasury Sells Final Shares of AIG Common Stock. Taxpayers Earn $22.7 Billion! More Profits to Come from the Bailout

Along with today’s stock sale, the return to date on the Federal Reserve and Treasury’s combined $182 billion commitment to bailout AIG during the financial crisis is now $22.7 billion. Treasury has now earned a positive return of $5 billion and the Federal Reserve has posted a profit of $17.7 billion. Continue reading

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U.S. Airline Employment Rises Slightly in June

U.S. scheduled passenger airlines employed 1.4% more workers in June 2012 than they did in June 2011 but still remain below pre-Great Recession levels, the U.S. Department of Transportation’s Bureau of Transportation Statistics (BTS) reported today. Continue reading

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Auto Loan Delinquency Rate Declines by 35%

Mirroring a trend in many consumer lending categories, auto loan delinquency rates have declined significantly in July year-over-year. Equifax’s latest monthly National Consumer Credit Trends Report released today says that auto loan 60-day plus delinquency rates declined 35% in dollars.CNW Research also has good news for automakers and their stockholders. Its latest Loan-to-Value Ratio data shows a rise, especially for sub-prime borrowers. Banks are once again chasing auto loans because of low repossession rates and a minimum of late-payers. In the heyday of sub-prime lending, those with the lowest acceptable FICO score (credit rating in industry jargon) had LV ratios in the near-100% range. Continue reading

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Treasury To Sell More AIG Stock. Taxpayers Still Owed $24 Billion and Hold 53% from Controversial Bailout of Reckless Company

Today, the U.S. Department of the Treasury announced that it expects to receive an additional $750 million from its public offering of American International Group (AIG) common stock. The Wall Street underwriters have exercised their so-called over-allotment option to purchase another 24.6 million additional shares of AIG common stock at the public offering price of $30.50 per share. Continue reading

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Unemployment Unchanged in February as Politicians Blather

Alan B. Krueger – Chairman of the Council of Economic Advisers and an employee of President Obama – said, “Today’s employment report provides further evidence that the economy is continuing to heal from the worst economic downturn since the Great Depression. It is critical that we continue the economic policies that are helping us dig our way out of the deep hole that was caused by the recession that began at the end of 2007, including measures to help the sectors that were most severely harmed by the bubble economy that misdirected investment and created too few durable jobs.”

Critics said only the fact that Krueger issued the statement electronically prevented his nose from growing longer while delivering it. Continue reading

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December U.S. Unemployment at 8.5% Remains at Crisis Levels

The 200,000 employment increase is roughly half of what is needed each month to return the almost 20 million under-employed and unemployed back to full-time work as taxpayers in the still ailing U.S. economy. At this rate it will take a decade or more to return to pre-Great Recession levels. Since 80% of workers in the U.S. commute to work in a vehicle, the unemployment crisis hurts the auto industry’s prospects and its own fragile, mostly jobless, recovery that is underway. Continue reading

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GM China Advanced Technical Center Nears Completion

GM intends to use Chinese battery suppliers in future electric vehicles – the latest setback for beleaguered U.S. workers who are facing grim employment prospects in the moribund U.S. economy. This is no longer a blue-collar or solely a UAW problem. College level white collar engineering jobs are at stake in advanced technologies touted by politicians as the key to returning the U.S. to global competitiveness. Continue reading

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Ford Family and Other Shareholders to Receive Dividends

Ford still remains heavily in debt – at $12.7 billion. However, Ford decreased automotive debt by $1.3 billion in the third quarter of this year, including payment of the remaining $1.8 billion balance of secured Term Loan debt, which was offset partially by an increase in controversial taxpayer-subsidized low-cost loans from the Department of Energy to support advanced technology under the guise of retooling existing plants. Continue reading

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Household Income Continues to Fall Significantly as Federal Government Claims the Great Recession is Officially Over

Real median annual household income has fallen significantly more during the so called economic recovery period from June 2009 to June 2011 than during the recession lasting from December 2007 to June 2009. That’s right, not only do we a jobless recovery, but we have one where incomes are dropping. Since when are politicians in the business of making people poorer in a grim reversal of the American Dream?

The report is bad news for the auto industry, which remains in a severe slump caused in part by record high new car prices – now averaging more than $30,000 a vehicle, and projections of even higher prices to come because of new emissions and safety regulations. Continue reading

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