Click here to download. The sale includes a parcel next door, where Mr. Fifield plans to build another 44 apartments. Local commercial property values have risen 37 percent in the past two years but are still well below pre-crash levels, according to a new price index compiled by Real Capital Analytics Inc.
Only this time it's popped up in the auto market where it's triggered an impressive surge in sales. But soaring car sales have less to do with the allure of those gussied-up Silverados than they do with "easy financing" for people with less-than-stellar credit.
Here's a clip from an interview on Wednesday's Nightly Business Report with Autonation's President Michael Maroone that helps to explain what's going on.
New vehicle sales rose 29 percent compared to a year ago. GM models were especially popular Mike, what about any kind of special deals or incentives to entice consumers to buy? The incentives are relatively flat with prior periods. But today we saw GM announce zero percent financing, up to 72 months on specific models.
Toyota has been aggressive. So almost every manufacturer has something and it varies tremendously. What about on the credit side, for someone that does need financing, is it getting easier to get a loan or is it still pretty tough?
The big driver of the recovery in was the restoration of credit. The Nightly Business Report Repeat: But why would the big car dealers want to get caught up in another ginormous subprime meltdown? How do they benefit from issuing loans to people who may not be able to repay the debt? Ahh, Grasshopper, that's the mystery of securitization, Wall Street's magical profit-booster.
The dodgy loans are tossed into the food processor with other savory nuggets, ground to perfection, lightly doused with a triple-A rating, and sold to as bonds to "yield seeking" institutional investors from Schenectady to Milan. It's all part of the new earnings paradigm that places financial alchemy "innovation" above productivity and wealth creation.
But, we're getting ahead of ourselves It will take a while to get their debt-to-disposable income levels back to historic trend which means that they will have to save more and spend less. Naturally, that's bad for auto sales. So, the only way the dealers can drum-up demand is via credit expansion, which means seducing people into borrowing more than they might be able to handle.
What's important to understand, is that the dealers make more on financing then they do on the sale of the car itself. Former auto dealership workers who have spoken out in lawsuits and interviews say that the push to pump up profits from financing and add-ons leaves consumers vulnerable to a variety of questionable practices.
It had less to do with throwing workers a lifeline than it did with keeping the finance arm of the industry GMAC, now known as Ally Financial alive. Obama is just as committed as Wall Street to continuing the securitization-looting scam that allows unregulated shadow banks to generate ungodly amounts of credit to people who have no way of repaying their debts.
Of course, the banksters and shadow banksters are able to skim-off their salaries and bonuses before the credit bubble pops and all hell breaks loose, but everyone knows that already. Securitization provides a reliable way for the financial giants to transfer the wealth from working class people to their own coffers.
It's another lethal weapon to add to their class warfare arsenal. So now, dealers can continue to shoehorn customers into loans they cannot afford without fear of penalties. It's worth noting, that the Better Business Bureau receives more complaints about auto dealers than any other group.
The most common complaint--according to Duane Overholt, a former car salesman who created the website StopAutoFraud. Buyers are told to bring the car back, unless they are willing to pay more for it. Here's a couple more from the same article: And Matthew Manley claims his coworkers saddled customers with bigger loans by slipping unapproved charges into the deals.
The industry is a hotbed of fraud and sleaze, but the CFPA will be kept at arm's-length because industry bigwigs spent enough money to bribe congress.
And what has the Obama's role been in this latest subprime fiasco? Well, in truth, it's Obama who reassembled the industry so the auto-raptors could resume fleecing their prey as before.
Here's a clip from the New York Times: That market had all but dried up by the end of Although the amount of government financing was relatively small, it accomplished its goal: Geithner assured them that they wouldn't lose a dime of their investment. So, now securitization is on-the-mend, the shadow banks are up-and-running, and the prospects for another economy-crushing credit bubble are looking more and more likely.Find this Pin and more on People I Admire by Nati Katz.
Former anchor on Nightly Business Report (PBS). news. NBR - not the same! Find this Pin and more on Persons of interest present and past by Christine Carlino. Susie Gharib: Former anchor on Nightly Business Report (PBS). Was my "go to" journalist for the latest economic and.
Over 83, Results Warren Buffett’s track record, the Power of Compounding regardbouddhiste.com Warren Buffett’s. Sep 26, · Here's a clip from an interview on Wednesday's Nightly Business Report with Autonation's President Michael Maroone that helps to explain what's going on. NBR's Susie Gharib: Another dose of good news today from the auto world, a day .
“Nightly Business Report produced by CNBC” (NBR) is an award-winning and highly-respected nightly business news program that airs on public television. Television’s longest-running evening business news broadcast, “NBR” features in-depth coverage and analysis of the biggest financial news stories of the day and access to some of the.
ANNOUNCER: This is NIGHTLY BUSINESS REPORT with Tyler Mathisen and. Susie Gharib, funded in part by — (COMMERCIAL AD) SUSIE GHARIB, NIGHTLY BUSINESS REPORT ANCHOR: Shop `til .