Reuters:
Oil rises for 3rd day, stagflation fears boilThe record breaking rally in oil prices has made stagflation -- quickening inflation combined with slowing economic growth -- a top fear for investors and is making analysts unhopeful about equity markets in the second half.
"Stagflation is here," read the subject of a weekly report from JPMorgan asset allocation strategists
Reuters:
Detroit's mood grim as automakers face the brinkCrosstown rivals Ford Motor Co and privately held Chrysler LLC face similar pressures (dwindling sales). As the automakers weigh their options to ride out the industry's most-trying slump in 25 years, thousands of Detroit families are doing the same.
But last week, GM shares skidded to their lowest level since 1955.
On a combined basis, GM, Ford and Chrysler have cut more than 100,000 factory jobs since sales began to slow in 2006.
Michigan's jobless rate jumped to a 16-year high of 8.5 percent for May.
As a friend recently said, the other shoe has dropped. Its a hold onto your hats period and it is worldwide.
1 comment:
Can you believe these guys!! Usually there are some pretty smart people in high corporate executive jobs. You have to figure they are trying to unload the union jobs and restructure around benefit free labor or some such malevolent motive.
If its not something pre-planned then they are completely whacked in which case we should be CEOs of general motors because we saw this coming ten miles away.
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