Crappy Car Company Performance Boosts Market
Well, Obama's "30 Days to Chapter 11" auto company plan is going as expected. Chrysler is preparing to go bankrupt. GM is going to "stall out" 13 assembly lines in North America. And as Ward Harkavy puts it at The Smart Asset, "Ford loses $1.4 billion, and investors are... happy!" Yes, the company says that since they're now spending less, they won't need federal bailout protection, and its stock price rose. (The Kansas City Star calls them "America's strongest automaker.") And get this -- there seems to be a demand for car parts. Zacks Investment Research says there's "strong demand as cash-strapped consumers choose to upgrade and maintain existing cars instead of buying new." An Indiana auto parts maker is calling back laid-off workers. The Dow is, at present, up. Funny old world, eh?
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