Big 2.8's Next Big Excuse: Wall Street Uncertainty

Robert Farago
by Robert Farago

Death Watcher that I am, even I’ve lost track of all the excuses Ford, GM and Chrysler have used to explain declining sales vis a vis the transplants and the market in general. Let’s see… currency manipulation, reduced fleet sales, unforseen rise in gas prices, Mars in retrograde, etc. Here’s the next one: consumer anxiety re: Wall Street. “All businesses are operating in a world of ambiguity,” Ford’s chief sales analyst George Pipas told Reuters. Tell that to the repo men. Anyway, FoMoCo is preparing the mainstream media/stock holders/camp followers for the worst. “Industrywide auto sales in September to date have extended the weakness seen in July and August,” Pipas said, adding that “financial market volatility makes it hard to forecast results for the remainder of the month.” I’ve got a prediction: down. And, IMHO, Wall Street’s not to blame. Much.

Robert Farago
Robert Farago

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  • Geeber Geeber on Sep 19, 2008
    TR3GUY: Ironic that the free marketers that got us in trouble to begin with are now bilking us. Free market advocates are completely responsible for this? Hardly. There was plenty of government meddling in credit markets, and a large part of this mess is the result.
  • JimsTR3 JimsTR3 on Sep 19, 2008

    Wilbur Ross, founder of the International Steel Group said in a recent NPR interview that the managements of these struggling companies develop "loser mentalities" where they spend their time blaming outside forces for their problems, rather than focusing on what they can control. Mr. Pipas is simply the latest in a long line of Auto Industry management that has been unable/unwilling to try to break this mold. Not a new thought for the group that writes and comments here, but it shows someone out there is watching. Someone with the means and ability to make the changes.

  • Stingray Stingray on Sep 19, 2008

    Farago... don't know how to send this straight to you. Read this: (not related with the topic) Then, please erase this comment. Thanks

  • Oldyak Oldyak on Sep 19, 2008

    oh,I see... We should put billions of dollars into helping deadbeat borrowers and crooked lenders but to help OUR auto industry get back on its feet...NO WAY cant do wouldn't be AMERICAN'..oops I forgot that most readers don't understand the term... I think 25 billion would be a cheap price to pay to keep our automakers solvent. Yea they have screwed up a LOT and have a LONG way to go....But they havent been NEARLY as corrupt as the investment firms and lenders that cost us so very much. We Americans love our cars..... Its too bad that BILLIONS of our tax dollars have been spent on something we cant even drive!!!!! o