Posted on 08/28/2007 12:22:40 PM PDT by Hydroshock
Car dealership group AutoNation Chief Executive Mike Jackson said Tuesday the U.S. economy is in danger of slipping into a recession unless the Federal Reserve moves aggressively to cut interest rates.
"I think we are at a tipping point," Jackson told Reuters in an interview. "They have to recognize that they are bringing into play a recession for this economy.
"They need to begin to cut rates, not just once but several times," he said of U.S. monetary policy makers. Jackson, who runs the largest publicly traded car dealership group in the United States, said the pressure on the economy is hurting auto sales.
RELATED LINKS Fed Hoped to Avoid Rate Cut At Aug. 7 MeetingHome Prices Skid 3.2% And May Decline Further State Street Shares Rattled by Credit Worries Deutsche's Americas CEO Sees End to Credit Crunch Recession Around the Corner More Economy News He now expects U.S. industry-wide sales to slip to 16 million light vehicles this year.
(Excerpt) Read more at cnbc.com ...
And they are right.
Get the clever out and...
Cut Rates
Cut Government Spending
Cut Taxes
I pity those poor printing presses. Never a rest.
More words of wisdom coming from a car salesman???
Clemenza to CEO: GO (Expletive) yourself. Keeping the interbank rate flat will prevent moral hazards and keep inflation tame. The only folks who are whining about a rate cut are folks like you who are dependent at financing sales of your junk to folks with middling to poor credit histories, to say nothing of certain fund managers.
“They need to begin to cut rates, not just once but several times,” he said of U.S. monetary policy makers. Jackson, who runs the largest publicly traded car dealership group in the United States, said the pressure on the economy is hurting auto sales.
Translation; The Nations biggest used car saleman is telling you something with sincerity.
Buyer beware.
Time to live up to the reputation Uncle Ben.
“Another CEO urges a rate cut.”
Let’s fix this — “Another CEO, who isn’t an economist, whose business depends on having lots of easy cheap credit, urges a rate cut. His urges us to do this by saying that we’ll have another recession if we don’t cut rates.”
there.
fixed it.
Yep, that about covers it.
If the rates are cut, I doubt Mr. Car Dealer will pass the lower rates on to the buying public but will line his pockets with increased profits!
I once tried my hand in sales, I am not a good closer. But I saw many a deal were they padded the interest rate to increase the profits.
Any hogwash about some mythical inflation in some distant future is just smoke 'n' mirrors to keep Dr. Bernanke's actual employers rolling in tall cotton.
So, would deep rate cuts by the Feds put the US dollar on life-support?
By which I meant, send the US dollar into the ICU where a Priest will be waiting to give the dollar last rights.
Won’t count until Mr. “Let the free market decide” Kudlow starts crying his eyes out over the market down 5 or 6%.
Unless you see some huge crash in the markets there will nto be a 100 basis point cut in Sept.
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