The drag on the real economy is enormous |
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Contagion. What began as a US housing crisis and dragged the global financial sector into the abyss is increasingly wreaking havoc on the real economy. The industrialized countries are sliding ever deeper into recession. The first (unrelated) victim is the auto industry. The big three US automakers are on the verge of collapse (pages 4-7 & chart below). Crisis. Sales of the "Detroit Three" are plummeting, unwanted inventories soaring, and losses piling up. Their plight is, however, more
Filed under: Fundamental
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