Russia Sends Three Warships To Syria Carrying Hundreds Of Marines
There
have been various rumors floating around over the past 2 weeks that
Russia would do everything in its power to establish its foothold in
Syria once and for all, with the local regime closer to the edge with
every pasing day. There have also been rumors, however silly, that
Russia is willing to give up its naval basis in the Syrian port city of
Tartus, #666666;
font-size: 15.555556297302246px; line-height: 20px;"
href="http://english.ruvr.ru/2012_07_27/Russia-to-keep-Tartus-base/">since
denied.
Today, we finally get the full story, courtesy of the BBC, which is
that that "three large Russian landing ships carrying hundreds of
marines will soon visit the port of Tartus in war-torn Syria, the
Russian military says." And who can blame them: this is only logical
following the surge buildup of US naval assets in the region as we
reported last week and the recently 'leaked' 'secret' data that Obama
was actively supporting Syrian rebets. End result: WTI soaring, and well
over $90 at last check.
Full-Time Jobs -197,000; Part-Time Jobs +31,000
We got the pre-spun job quantity data already, where we learned that nearly 3 times the headline print was due to seasonal and B/D adjustments and is thus nothing but noise. Now we get the quality. As can be seen below, courtesy of Table A9 from the Household Survey, in July the number of part-time jobs added was 31K, bringing the total to 27,925, just shy of the all time record of 28,038. Full time jobs? Down 228,000 to 114,345, lower than the February full-time jobs print of 114,408. Once again, more and more Americans are relinquishing any and all benefits associated with Full Time Jobs benefits, and instead are agreeing on a job. Any job. Even if it means working just 1 hour a week. For the BLS it doesn't matter - 1 hour of work a week still qualifies you as a Part-Time worker.
Knight Rises - Algo Crushed Firm Has Secured Line Of Financing WSJ Reports
Since closing last night, the stock of Knight Capital has moved by nearly 100%, touching on under $2 in the after hours session, and now trading well over $3. The catalyst: a report by the WSJ that the firm has obtained a line of credit. Is this surprising? Not at all, and in fact is standard operating procedure by any firm which is buying hours of life in exchange for usurious lending costs. The lender is most likely a firm which will be a key participant in the forthcoming 363 asset sale, who has obtained a supersecured lien on all the firm's assets, and is also priming all of the other creditors of Knight. The question is whether the lender will be happy with what they find as a result of this 24 hour life line. If not - they simply pull the line of cash and the firm files. Think of it as an advance glance into Knight's books. And that glance will likely not reveal much. With rumors that even JPM has now ended lines with Knight, the New Jersey market maker is simply a closed box: no trades coming in or out, and only has housekeeping cash outflows on its books to keep its employees employed and systems running. We wish them luck. They will need it. None of this would have happened if, as we hoped 3 years ago, proactive steps had been taken to eliminate the threat of HFT.Seasonal And Birth Death Adjustments Add 429,000 Statistical "Jobs"
Happy
by the headline establishment survey print of 133,245 which says that
the US "added" 163,000 jobs in July from 133,082 last month? Consider
this: the number was based on a non seasonally adjusted July number of 132,868. This was a 1.248 million drop from the June print. So how did the smoothing work out to make a real plunge into an "adjusted" rise? Simple: the BLS "added" 377K jobs for seasonal purposes.
This was the largest seasonal addition in the past decade for a July
NFP print in the past decade, possibly ever, as the first chart below
shows. But wait, there's more: the Birth Death adjustment, which adds to
the NSA Print to get to the final number, was +52k.
How does this compare to July 2011? It is about 1000% higher: the last
B/D adjustment was a tiny +5K! In other words, of the 163,000 jobs
"added", 429,000 was based on purely statistical fudging. Doesn't matter
- the flashing red headline is good enough for the algos.July Non Farm Payrolls Slam Expectations At 163,000K, Unemployment Rate 8.Rises To 3%
Expectations were +100,000, NFP prints at 163,000K. Goodbye QE in 2012.'Real' Unemployment Rate Shows Far More Jobless
Eric De Groot at Eric De Groot - 1 hour ago
Does the employment report really matter to anyone but short-term traders?
We've been saying this for years, if you don't like the message reality is
sending use statistical tricks to alter it into economic data for all to
admire. Chart: Civilian Unemployment Rate Headline: 'Real' Unemployment
Rate Shows Far More Jobless While the national unemployment...
[[ This is a content summary only. Visit my website for full links, other
content, and more! ]]Seasonal Adjustments: Big Swing Factor?
While Knight's algos will be focusing on the headline number and furiously calculating if [X AS PRINTED] is < or > than [X AS EXPECTED] and simplistically moving the market up or down accordingly, without regard for quality or compoisition (they don't call it the Part-Time Non Farm Payrolls for nothing), another key swing factor in July will be the seasonal adjustment. As a reminder, as the chart below shows, in July we experience a major swing event. While in June, seasonal factors typically subtract about 1 million from the headline non-seasonally adjusted headline number, in June we invert, and instead of subtracting, seasonal factors for the first time since April "add" jobs. 295,000 (past decade average) to be exact. How will this impact the actual number? We will find out shortly. One thing to note: of the 100,000 consensus headline adjusted print, the seasonal adjustment factor itself will be roughly three times the actual print that will move the market. In a year of record temperature abnormalities and the "average seasonal adjustment" being anything but, we leave it up to readers to do with this data as they see fit.
Today's "Max Pain" - A Stronger Than Expected Non Farm Payrolls Report
While
normally quite absurd, we do have to admit that last month, Deutsche
Bank's Joe LaVorgna was among the analysts closest to the final actual
number, which came in far below consensus. As such we give him the
benefit of the first forecast: Joe LaVorgna is expecting a
headline/private payroll increase of 75k/80k respectively. The market is
looking for 100k/110k. Unemployment is expected to hold at 8.2%. The
irony today is that max pain is a far stronger number, which in
light of some very recent economic news, can not be ruled out (see
Nick Colas' discussion below): if indeed NFP rises by well over 100,000
the market will have to push back its prayer that the NEW QE will come
in September into 2013 as Bernanke will not do
another easing round just as the presidential election approaches. What
are some others thinking? Here is what Bank of America says.Frontrunning: August 3
- U.S. nuclear bomb facility shut after security breach (Reuters)
- EU Commission Welcomes Greek Reform Pledge, Wants Implementation (Reuters) -> less talkee, more tickee
- China Cuts Stock Trading Costs to Lift Confidence (China Daily) as France hikes transactions costs
- Holding Fire—for Now—but Laying Plans (WSJ)
- ECB-Politicians’ Anti-Crisis Bargain Starts to Emerge (Bloomberg)
- Dollar falls back as non-farm payrolls loom (FT)
- Ethics Plan to Raise Consumer Confidence (China Daily)
- Brazil backslides on protecting the Amazon (Reuters) - fair weather progressive idealism?
- Japan Foreign-Bond Debate May Boost BOJ Stimulus Odds (Bloomberg)
- Japan’s Lower House Passes Bill to Let Workers Stay on to 65 (Bloomberg)
JPM Says To Short Spain 10 Years Until 7.75%, Forcing A Spanish Bailout Request
The short-end of the Spanish curve is collapsing rapidly, and at last check was tighter by nearly 70 bps even with the 10 Year essentially unchanged, for one simple reason: more hope and prayer. This time we have completely unconfirmed and unverified talk that either the ECB will hold another conference, or that Spain will finally request a full blown bailout. Neither is likely to happen, certainly not on a Friday. In other words, the rapid steepening of the curve on more "talking" will not last. What will however, is increasingly negative sentiment toward the longer end of peripheral country bond curves. To wit, here comes JPM recommending a new short position in Spanish 10 Years. Below is the full text of JPM's Gianluca Sanford saying to short the Spanish 10 Year until it touched 7.75%. Why 7.75%? Because that is the level at which Rajoy will have no choice but to demand a bailout. The irony is that the market, by frontrunning politicians, continues to make the required political decision impossible - welcome to the new normal. Paradoxically, only after the market has fully abandoned hope, can the desired outcome happen. But it will take the broken market a few more weeks to figure this out.
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I'm PayPal Verified Dear Jim,
Think back, do you remember Lehman Bros.? How about MF Global and more recently PFG Best? What do they all have in common? Yes, they all went bankrupt you are correct but…what they ALL had in common was "how", or more to the point HOW FAST they went bankrupt. All of these entities literally went belly up within a week’s time.
How does a firm "just go bankrupt" overnight? Easy, other firms begin to pull money out at the same time that no one will lend to them in the overnight markets. With 20 or 30 to 1 leverage, the milk spoils pretty quickly!
Now, we have Knight Capital in the exact same situation and it has been reported that they are looking for a buyer. They lost $440 million (chump change in today’s world) when their "algo" trading system "malfunctioned" 2 days ago. There is speculation as to the how’s and why’s. I don’t really care. There is speculation on the conspiratorial level that this is just another "rehypothecated vacuum cleaner" being used to force people out of their commodity contracts or to steal client money, (I hope not and feel for the customers) but this I believe is losing sight of the much MUCH bigger picture.
If these firms (along with Merrill Lynch, Countrywide Mortgage, AIG and many more back in 2008) can become insolvent within 5 trading days and close their doors, what does that say? While reading this piece, please keep in mind that financial institutions now mark their assets to whatever they please, no matter how farcical the price. I would venture to say with few exceptions, none of the firms that have gone under were considered at risk a month or two before their doors were closed.
Looking at the situation from a systemic standpoint you must ask yourself what is to stop this type of scenario from happening to the whole system overnight and not just firm by firm.
The answer is very simple – the printing presses. Central banks will create as much money as necessary, whenever necessary to prevent a systemic default. Yes I know, I sound like a broken record but this is what will happen because there are no other alternatives. Please think long and hard about this topic because your financial lives depend on it. We know that the system is over leveraged, we know that ALL the monies (currencies) are based on and backed by all of this debt, we know that governments have always responded (including the last 4 years) by debasing their currency. We know all of this yes, yet people are still depressed because their Gold and Silver is down. You can see the falsehoods everywhere and you know what the government responses have been. You also know what those responses will do to the currency and that in a collapsing currency, what it does to the precious metal’s values. Don’t let boredom, frustration or fear separate you from your insurance!
Regards,
CIGA Bill H.
Dear Bill,
I cannot understand why any reader is failing to take delivery of
their certificates, their metals and there monies as getting anything
back from a clearinghouse is a pure gamble on the unknown. The only
reason I can see is dumbed downed laziness.
You are all involved in third parties holding your assets. This is madness and self destructive.
Audits are no good. Insurance is not funded to cover all the risk out there.
Why do you hold securities with a clearing firm? Why do you own any
public gold company that will not direct register or deliver
certificates for you? Why are you long paper gold and think you really
own gold? How do you hold ETFs and really believe you own gold? You do
not! How do you buy gold anywhere you never will see or touch.
It is raving madness that affects 9.9 out of 10 people reading this.
The system is BROKEN and all the King’s men cannot put it back together
again.
Your tax accounts are traps set for you. You are sitting targets that
already know that your fiduciary, like all so called fiduciaries, is
not worth a lead nickel because that is what your assets will be –
worthless.
What can I do for you if the most simple act you need to do you continue to fail to do? Wake up, damn it!
Jim
Jim Sinclair’s Commentary
Gold is going to and trough $3500.
South Korea diversifies further into gold By Simon Mundy in Seoul and Jack Farchy in London
August 2, 2012 10:34 am
South Korea returned to the gold market in July, adding 16 tonnes to its reserves in the latest move by a central bank to take advantage of falling prices to accumulate bullion.
The central bank said on Thursday that the purchase, its first since November, was part of an effort to diversify its portfolio amid turmoil in sovereign debt markets.
"Gold is a safe-haven asset so higher exposure to gold can boost the credibility of our foreign reserves," Lee Jung, head of investment strategy at the Bank of Korea’s reserve investment division, told the Financial Times.
Activity by central banks, which hold one-sixth of the gold ever mined, is a major influence on the gold market. Led by emerging market buyers in Asia and Latin America, central banks last year bought the most gold since the collapse in 1971 of the Bretton Woods system of exchange rates, which pegged the value of the dollar to gold.
Analysts say that the central bank buying has assumed an important role in the market as traditional buyers – such as Asian jewellery consumers and western hedge funds – have stepped back this year. Gold prices have fallen 20 per cent from a record high of $1,920 a troy ounce to a low of $1,527 in May, but since then have rallied to trade at $1,592 on Thursday.
More…
Jim Sinclair’s Commentary
How would you like to read this about a clearing agent you are using?
Believe me, if you do not have direct registration or your
certificates, you have a clearing agent.
You do not have to experience total loss of your assets as others have and are continuing to. Stop being a lazy.
You can lose it all for no reason whatsoever on your part except as above.
Knight’s future in balance after trading disaster By Edward Krudy and Jed Horowitz and John McCrank
NEW YORK | Thu Aug 2, 2012 7:49pm EDT
(Reuters) – Knight Capital Group Inc fought for survival on Thursday after a $440 million trading loss caused by a software glitch wiped out much of its capital, forcing Knight to seek new funding as its shares plunged as much as 80 percent in two days.
Many of the company’s biggest customers, including TD Ameritrade, the No. 1 U.S. retail brokerage by trading volume, and fund giants Vanguard and Fidelity Investments, stopped routing orders through Knight. One of the biggest fears is that the company will collapse, landing trading partners with losses.
"They have about 48 hours to shore up confidence," said James Koutoulas, head of an advocacy group for former customers of failed brokerages MF Global and Peregrine Financial.
Knight said it is "actively pursuing its strategic and financing alternatives," raising the likelihood the firm will be sold or face bankruptcy because of the loss and subsequent damage to business.
More…
Jim Sinclair’s Commentary
Kenny agrees with Alf. In my opinion these two are the Top Guns of Gold.
Now let’s look at it a different way.
Jim Sinclair’s Commentary
Many of you are so lost in the Fed soap opera that you have lost your
focus entirely. The longer the Fed waits, the greater the amount of QE
they will have to do.
As in the Skier illustration, done for you years ago, the second drop
in the US economy is going directly through the floor. Markets will
push the Fed to act on a random day, not on a predetermined Fed meeting
of the FOMC.
Where did you all get the crazy idea that Fed moves come on schedule?
That implies preplanning – something that has never occurred.
Fed Offers No New Stimulus; Still Sees ‘Exceptionally Low’ Rates Through Late 2014
Fed Sees Slowing Economy, but Defers New Action By BINYAMIN APPELBAUM
Published: August 1, 2012
WASHINGTON — The Federal Reserve’s policy-making committee took no new steps to support the economy at a meeting that ended Wednesday, although the committee signaled in a statement that it was ready to take new action if job growth does not improve.
The Fed said that the pace of economic growth had slowed over the summer, and said that it expects the unemployment rate to fall “only slowly.”
Nonetheless, the Fed chose to defer action at least until the committee’s next meeting in September, in hopes that the regular arrival of new data will provide greater clarity about the health of the economy.
“The committee will closely monitor incoming information on economic and financial developments and will provide additional accommodation as needed to promote stronger economic recovery and sustained improvement in labor market conditions,” the committee said, using language that was somewhat stronger than it has used in past statements.
More…
Jim Sinclair’s Commentary
Here is a message for the CIGAs from Dean Harry Schultz
Discussing the Korean CB purchase of gold announced last night, UBS observes:
“What’s perhaps more interesting in this news is the price level which the official sector have recently been buying gold. The biggest reported month for gold purchases this year was March, when central banks bought 76.5 tonnes, and this activity prevented gold from a sub-$1600 move. Again in May, when the official sector purchased 19.3 tonnes this buying inserted a price floor at $1530. Since May the acceptable price level has clearly risen, with the average price in July at $1595. Central bank activity is in part filling in for the tame retail physical buying from the likes of India of late by helping gold on the downside and inserting a price floor.”
Jim Sinclair’s Commentary
China’s approach to reforming the banksters who stole their gold.
Note the bankster is a short.
Jim Sinclair’s Commentary
Look who is moving into the neighborhood.
Russia to revive army bases in three oceans 01.08.2012
The Russian government intends to restore the military-technical support of their ships at the former military base in Cam Ranh (Vietnam), Lourdes (Cuba) and the Seychelles. So far, this is not about plans for a military presence, but rather the restoration of the crew resources. However, a solid contractual basis should be developed for these plans.
The intentions were announced on July 27 by the Russian Navy Commander Vice Admiral Viktor Chirkov. "At the international level, the creation of logistics points in Cuba, the Seychelles and Vietnam is being worked out," Chirkov was quoted by the media. The issue was specifically discussed at the meeting with the leaders of all countries. President of Vietnam Truong Tan Sang has recently held talks with Prime Minister Dmitri Medvedev in Moscow and President Putin in Sochi. Cuban leader Raul Castro met with Putin in Moscow earlier this month. A little earlier the President of the Republic of Seychelles, James Michel made an unequivocal statement.
"We will give Russia the benefits in Cam Ranh, including the development of military cooperation," the President of Vietnam told the media. Cuba that has an American military base in Guantanamo Bay and is protesting against the deployment of new U.S. bases in Colombia, of course, wants to acquire an ally in Russia to be able to contain the United States. Seychelles in the Indian Ocean has always been in the zone of Soviet influence. In 1981, the Soviet Navy helped the government to prevent the military coup and before the collapse of the USSR the Soviets had a constant presence in the area. In June of 2012, at the opening of an Orthodox church in the capital city of Victoria, James Michel spoke of Russia’s role in combating piracy and supported the Russian idea to build a pier in the port of Victoria, designed for the reception of the Navy warships of Russian Federation.
Following the statement by Vice-Admiral, Russian Foreign Ministry and Defense Ministry made it clear that they were talking about rest and replenishment of the crews after the campaign in the area and not military bases. It is clear, however, that Russian warships could do both without special arrangements, given the good attitudes of the leaders of these countries toward Russia. It can be assumed that the Russian Admiral unwittingly gave away far-reaching plans of the Russian leadership. That would be great, because from the time of Peter the Great, Russia had a strong fleet and army. In addition, it is worth mentioning Putin’s statement at the G20 meeting in June. After the meeting with U.S. President Barack Obama, Putin made a sudden harsh statement to the press. "In 2001 I, as the President of the Russian Federation and the supreme commander, deemed it advantageous to withdraw the radio-electronic center Lourdes from Cuba. In exchange for this, George Bush, the then U.S. president, has assured me that this decision would become the final confirmation that the Cold War was over and both of our states, getting rid of the relics of the Cold War, will start building a new relationship based on cooperation and transparency. In particular, Bush has convinced me that the U.S. missile defense system will never be deployed in Eastern Europe.
More…
Jim Sinclair’s Commentary
Nobody models well for finance here, but Daddy Warbucks is always ready to go.
U.S. model for a future war fans tensions with China and inside Pentagon By Greg Jaffe, Published: August 1
Washington Post
When President Obama called on the U.S. military to shift its focus to Asia earlier this year, Andrew Marshall, a 91-year-old futurist, had a vision of what to do.
Marshall’s small office in the Pentagon has spent the past two decades planning for a war against an angry, aggressive and heavily armed China.
No one had any idea how the war would start. But the American response, laid out in a concept that one of Marshall’s longtime proteges dubbed “Air-Sea Battle,” was clear.
Stealthy American bombers and submarines would knock out China’s long-range surveillance radar and precision missile systems located deep inside the country. The initial “blinding campaign” would be followed by a larger air and naval assault.
The concept, the details of which are classified, has angered the Chinese military and has been pilloried by some Army and Marine Corps officers as excessively expensive. Some Asia analysts worry that conventional strikes aimed at China could spark a nuclear war.
Air-Sea Battle drew little attention when U.S. troops were fighting and dying in large numbers in Iraq and Afghanistan. Now the military’s decade of battling insurgencies is ending, defense budgets are being cut, and top military officials, ordered to pivot toward Asia, are looking to Marshall’s office for ideas.
More…
Jim Sinclair’s Commentary
All trends in the USA start on the West Coast and move promptly East.
The trend for the hula hoop and bankrupt cities is no different.
San Bernardino, California, files for bankruptcy with over $1 billion in debts By Tim Reid
LOS ANGELES | Thu Aug 2, 2012 12:09am EDT
(Reuters) – San Bernardino filed for bankruptcy protection on Wednesday citing more than $1 billion of debts and making it the third California city to seek protection from creditors.
The city of about 210,000 residents 65 miles east of Los Angeles declared a fiscal crisis last month after a report said local government had tapped out its reserves and projected spending would top revenue by $45 million in the fiscal year that began on July 1.
The filing, made in the United States Bankruptcy Court, Central California District, states that the city has "more than $1 billion" in liabilities, and estimated that it has between 10,001 and 25,000 creditors.
It also states that San Bernardino has estimated assets of more than $1 billion.
San Bernardino’s city council voted on July 24 to adopt an emergency three-month fiscal plan that would suspend debt payments, freeze vacant jobs and quit paying into a retiree health fund while city staff produce a more detailed bankruptcy plan.
"The bankruptcy filing was just to get the protection in place, to kick the process off," a city spokesperson said.
More…
Dear Jim,
Way back in 2006 you sent out an email alert to all CIGAs regarding how you must be your own central bank. I listened to you then and acted on your advice. The action cost me a little bit of money in interest expenses, but I have my assets in hand, all assets, no exceptions.
You are the only person in the world who has demonstrated integrity and trust by your conduct, by your advice to us, your extended family. I look to you for leadership and counsel and I keep my eye on the goal and on you.
From the "strongest hands in the world,"
CIGA Robert
It’s All About The Layers
CIGA Eric
While the investing world focuses intently on the BLS’s best and generally useless "guess" about current labor conditions, they ignore the obvious risks defined as the layers between them and their gold, silver, stocks, commodities, as well as numerous other assets. Companies from AIG to IMF global have gone poof, literally at the speed of light, when funds reach for the escape hatch in the electronic age. The illusion of solvency provided by unrealistic computer model assumptions disappears quickly when confidence fractures.
As Jim suggests, the system is broken. They will throw money at it to protect against complete systemic failure, but many institutions will be selective culled to increase market share, influence, and power for a select number of survivors. Market forces will execute and harshly educate those that do not anticipate the outcome.
Jim,
What will have to happen for high frequency traders to lose so much money they can’t play their games any more? What is the likelihood for that to ever happen? I’m getting very tired of a market that is the playground of these HFTs.
CIGA Steve
Steve,
Not when you know that high frequency trading simply means a computer
front runs the legitimate bids and offers on the exchanges.
High frequency trading is an instrument of absolutely illegal
activities in this darkest age of finance run and regulated by
sociopathic demons.
What we need is the Chinese legal approach that summarily executes
their sociopathic demons (called banksters) that violate their laws.
Why not? The banksters are killing and have killed the public to line their damned pockets.
Jim
Today’s Items:
While other Central Banks publicly pretend
that gold is only tradition, the Vietnam Central Bank has come out and
said it is protecting Vietnam’s ever-depreciating currency. Despite
their crackdown on gold transactions, at least this Central Bank is more
honest with their victims than the Fed or the ECB.
James Turk believes that the Fed is no
longer in the driver’s eat. The reality is the Fed is losing control.
The 800-pound gorilla in the room is the US government’s horrendous
deficits and addiction to debt. Only a spark is needed to get a rocket
launch in physical metal prices… Perhaps that spark could come from a
downgrade.
A so-called “rogue” algorithm repeatedly
bought and sold millions of shares of companies like RadioShack, Best
Buy, and Bank of America. That is the official explanation being put
forth by those trying to subdue the renewed attention to manipulation in
the markets. Anyone who honestly believes that it was a “technology
issue” should have their brains examined. It was a planned manipulation
that just went off at the wrong time. The wrong time; in that, everyone
was watching.
Next…
Major Wave of Municipal Bankruptcies Has Begun
http://globaleconomicanalysis.blogspot.ca
http://globaleconomicanalysis.blogspot.ca
San Bernardino, California, after
disclosing a $46 million shortfall in the city’s budget, filed for
municipal bankruptcy. One of the main problems is the high cost of the
city’s union contracts which set this city, and others in the near
future, for failure. Scores of other cities nationwide will eventually
do the only thing that makes sense: file for bankruptcy to escape
pension promises and union salaries that cannot possibly be met.
The persistent drought across the country
has ravaged crops to the extremes that thousands of farmers and ranchers
are on the verge of financial ruin. Farmers, who cannot harvest crops,
cannot make good on loans. Food supplies across the country – for
animals and humans – are literally drying up. Meanwhile, most of the
American public is interested in the new Justin Bieber video where he
gets beat up.
Officials at the Commerce Department
stated that new orders for manufactured goods dropped 0.5 percent. The
report showed broad weakness across industries making everything from
machinery and appliances to cars and electronics. The overall decline
was tempered by a 14.2-percent increase in new orders for civilian
aircraft.
Next…
GM Profits Slip 41%
http://www.guardian.co.uk
http://www.michigancapitolconfidential.com
http://nlpc.org
http://news.investors.com
GM Profits Slip 41%
http://www.guardian.co.uk
http://www.michigancapitolconfidential.com
http://nlpc.org
http://news.investors.com
Now we have a better understanding why
Government Motors wants sub-prime car loans. They are sinking and they
are sinking fast. Yes, they made $1.5 billion in profit in the second
quarter of 2012; however, how much of that was from government subsidies
and other government shenanigans? Another reason to never to buy a GM
car.
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