Automakers In Trouble!

The word on the street is that automakers are now feeling the pinch of this widespread credit problem. Most all U.S. and foreign automakers are reporting 30 percent drops in monthly sales. Automaker Honda Motor Co. reported a 24 percent drop, which was the best compared to others. With credit being so tight and economic worries this will only hurt automaker in the following months. And let’s not forget the high price gasoline, which slowed down truck sales. I think that we may even have a few automakers go bankrupt by year’s end. This could happen if the Senate and Congress don’t pass the rescue bill soon. Passing this bill will free up some credit and get things moving again. I will be watching tonight, so I won’t be surprised in the morning. If they fail to pass this bill we will have a crash on Wall Street come first thing in the morning. Lets all hope for the best.

Tags: Automakers