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The consumer price index fell 1% in October, according to the Department of Labor. CNBC notes this drop is bigger than what Wall Street predicted (it's also the "biggest drop since the department began monthly data in 1947"): "The latest sign of rapidly declining prices, including for clothing and transportation as well as energy, implies a weakening economy no longer faces any inflation threat and could see deflation return if consumer demand keeps softening." Stocks are mixed, as the auto industry tries to convince D.C. to deliver an industry bailout--chief executives of Chrysler, Ford and Chevrolet will continue to make their case today.
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Stocks are mixed
Messages are mixed:
Spend money, save money, you have no money, give me money, prices are down, sales are down, you have no job, you have no retirement savings, stimulate the economy, pay down your credit, buy things you don't need and can't afford, it's holiday time!
Deflation may seem like a good thing, because things cost less. However, its only good for people who have money in the bank as it grows in value but not for people who have debt, because it also grows...
And the eventual result, is bad for everyone. Prices decline below the cost of producing the goods (and paying employees). So salaries have to be cut, and cut, and cut, thus reducing the buying power, etc.
People just wait on buying anything they can hold off on, because they know if they do, they will get a better price 'later'
chief executives of Chrysler, Ford and Chevrolet
I watching this hearing on CSPAN last night and these executives were outright lying. They have so many overseas investments they can be pulling from it's ridiculous. Jon Tester ([D] Montana) kept asking questions regarding why they needed the bail out money and the execs couldn't answer the questions truthfully, they were stuttering and looking up in search for answers (a tell-tale sign of lying)—it was pathetic.
I'm pretty sure Ford and Chevy have fairly strong holds on European economy car markets, but now that the world economy is facing a down-turn (is it still? I haven't heard much about it in the last week or so) are they just asking for hand outs because everyone else is? What's next, oil companies asking for more money while raking in huge profits?