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Big Three to Shutter 59 Plants – Chrysler Forces Dealers to Sell at a Loss
Chrysler LLC stunned its employees and dealers early yesterday (Thursday), announcing it was suspending all manufacturing for at least a month, and tightening wholesale credit terms to dealers. By the end of the day, Chrysler was joined by its two other Big Three brethren – General Motors Corp. (GM) and Ford Motor Co. (F). – which also shuttered factories.
All told, the Big Three will idle about 59 factories over the next month as each of the three American carmakers struggle to wait on a rescue that the White House says is still under study. The announcement comes in the wake of a…
19Dec2008 | Money Morning | 0 comments | ContinuedHow LIBOR Threatened to Destroy the Global Banking System
The largest financial crisis since the Great Depression has revolved around an interest rate that many U.S. investors are only now hearing about for the very first time: The London Interbank Offered Rate (LIBOR).
But if you understand that rate, and study the forces that have been influencing it, chances are very good that you can figure out how we can escape the current banking-sector mess without wrecking the entire world economy.
Although not a common term here in the U.S. market (where it nevertheless is a presence, as we’ll see), it is common knowledge in Europe, and especially in Great Britain,…
21Oct2008 | Money Morning | Comments Off | Continued
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