Chrysler Stops Building Cars
“Due to the continued lack of consumer credit for the American car buyer and the resulting dramatic impact it has had on overall industry sales in the United States, Chrysler LLC announced that it will make significant adjustments to the production schedules of its manufacturing operations. In doing so, the Company will keep production and dealer inventory aligned with U.S. market demand. In response, the Company confirmed that all Chrysler manufacturing operations will be idled at the end of the shift Friday, Dec. 19, and impacted employees will not return to work any sooner than Monday, Jan. 19, 2009. [emphasis added]
Chrysler dealers confirmed to the Company at a recent meeting at its headquarters, that they have many willing buyers for Chrysler, Jeep® and Dodge vehicles but are unable to close the deals, due to lack of financing. The dealers have stated that they have lost an estimated 20 to 25 percent of their volume because of this credit situation.
The Company will continue to monitor the production schedules of its manufacturing operations moving forward.”
Reading between the lines, I think the Bushies at the White House are putting off their "bailout package" as long as possible, hoping Cerberus will euthanize Chrysler, so they don't have to....the Managed Bankruptcy talk out of Washington today is really suitable only for GM...Ford isn't that sick yet, and Chryslerberus is too sick.... The betting here is that Chrysler will never again make another car.
OK, so far all of the pool participants are on the side of 'down for the count'. Still trying to scare up some true believers to counterbalance, guess I'll have to head over to allpar. Meantime, please send me your money. Don't worry, I'll put it in escrow with this guy I know in NY. He's got a stellar record (NEVER lost money!), the SEC and 4 of the big 5 accounting firms have sniffed his butt several times. They say it smells like roses.
To close the discussion I call "The Atlantic" as knowledgeable source in to clarify in stunningly simple terms who is doing what, why and how and where the different players stand. In his first interview since the world financial crisis, Gao Xiqing, the man who oversees $200 billion of China’s $2 trillion in dollar holdings, explains why he’s betting against the dollar, praises American pragmatism, and wonders about enormous Wall Street paychecks. And he has a friendly piece of advice: Be Nice to the Countries That Lend You Money Its never to late to learn - from somebody real in power (de facto much more powerful over the true value of the US currency then the US treasury)