Friday, October 17, 2014
Let's check in on the Götterdämmerung in auto manufacturers
So you're telling me that the outlook for auto sales is worse than it was in May 2013?
Because I remember nobody was hopeful at all about anything in May 2013. China was crashing, the Eurozone was going to break up, India's economy was a fucking joke....
Kinda... um... like today, actually.
And it's like 25% worse than it was just a couple months ago?
And the outlook is only 15% better than it was in February 2012?
And apparently, Magna was only worth $83 two days ago, yet today it's magically worth $91. Because some Fed guy said something.
I guess Fischer said that the Fed's QE4 would involve buying a few million cars, and they'd make sure all the axles were manufactured at Magna because the Fed loves Canada so much. Or something.
So I guess Magna should now magically pop back to $115 and all the crap people were worrying about was just silliness.