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There is a major contraction in the supply of leased cars to the used car market. This used to be the major source of used cars on dealer's lots. The contraction is so large it will take years to fix, some say 2027. The contraction of leased cars is expected to be 23% from 2024 to 2025 for expiring 3 year leases. Another factor leased cars are a good deal to buy at the end of the lease seeing how sticky used car prices are these days. A 3 year old leased car now costs $28,000 up 45% since 2020, and for new cars it is $48,000 up 25% since 2020 This is significant because a key part of inflation is not only cost of groceries (eggs for example), it is also the cost of cars and housing. For cars used cars are a major part of it as it is basic transportation needed to get to work for a majority of Americans. There are Americans where a car breakdown leads to a loss of a job because it costs too much to repair and young people just don't have the money. Stories in WSJ now point to how DJT won in 2024 largely because of immigration, fentanyl and transgender, and the frustration with high inflation. The challenge is now for action where Mexico, Canada and China cut off fentanyl flows to be able to access the US market. It is also for finding a way to cut housing and car costs. ...

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WSJ looks at the housing costs surge in Dublin, Ireland.

A Dublin high school teacher says most of his paycheck would go to renting an apartment. About 59% of Irish people 20-34 years live with their parens up from 38% in 2014. It is worse than in the 2009 financial crisis. Cullen this highschool teacher is 27 years old and says the price is "mental" as living in one's own apartment is hard, and owning is impossible.

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President Trump extends the U.S. lockdown for social distancing till April 30, on the advice of health experts. China meanwhile resumes industrial production and schools reopen. Factories, offices and retail outlets were shutdown for 2 months nearly nationwide in China. The U.S. has a social distancing lockdown not a complete quarantine of hotspots such as New York, New Jersey. Mr. Trump planned to quarantine New York but faced opposition from the governors of New York and New Jersey, including possible legal challenges. U.S. governors have acted imposing travel restrictions to their states from hotspots in other places in the country, forcing people traveling to self-isolate, stopping vehicles with out of state license plates and asking them to stay away. The U.S. cases have jumped from 100 in early March to 143,000 as of March 28, 2020, and 2514 deaths, according to John Hopkins. New estimates from president Trump and his team of experts are for the peak to be reached by April 15, and recovery gradually taking place by June 1, 2020. Based on the timeline in China shown below the time from the first set of 27 cases by December 15 to March 28 when China's factories were back to work and schools reopened across the country, is a period of 75 days. Based on this president Trump's timeline of June 1 for recovery has some foundation. China quarantined strictly compared to the U.S. yet in the early days it had no warning which the U.S. had in particular from Italy. The Trump administration by extending social distancing and lockdown restrictions till April 30 without a strict quarantine of the East coast areas yet with states outside imposing their own restrictions for outsiders, is doing what other countries such as China, South Korea, have to control this epidemic. The first coronavirus case was reported on November 17, 2019 according to the South China Morning Post, By December 15, the number of cases had reached 15. On December 27 on a single day 180 cases were recorded and the Head of the Respiratory Department at Hubei Provincial Hospital reported this to health authorites in China, according to the South China Morning Post, based on data collected in China.   ...

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Some of the UAW union's key demands such as a 25% increase, cost of living adjustments, and other benefits leads to the settlement with Stellantis and Ford Motor Company. The 25% increase is spread out over four and half years so that the companies remain competitive.

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Toyota sales were 9.75 million vehicles in 2012, up 23%. Sales were up 27% in the U.S. market. Dealer margins were trimmed to give more sales incentives. Sales for 2013 are forecast at 9.91 million vehicles reflecting slower growth in China. A weaker yen will make Toyota more competitive worldwide in 2013.

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GM will offer 2 hybrid versions of the Saturn Vue. It will give 32 mpg on the highway 28 combined, for $2000 extra, on the 4 cylinder hybrid system thats currently offered in 2007, and on the single mode system 35 mpg on the highway, 29 combined, for an undetermined amount extra.

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The tense negotiations on the weekend of Sept 27-28 that led to the agreement reached on the bailout plan which will be voted on in the House of Representatives this coming week. A lot of discussion and disagreement before the shape of the plan and its various provisions were settled tentatively.

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By settling for a 15% tariff Japan was protecting its other industries from the higher tariff of 24-25% proposed earlier. US industry has operated with no assistance from the US government and faces a financial markets structure in the US that is not helpful to American industry making long term investments that overseas makers with support from their governments are able to make. US workers suffered badly over three decades and the ineptitude of previous US presidents in protecting American workers from this situation. The Europeans and the Japanese, South Koreans know this and understand that the US plays the critical role in the free world and without it, without the workers and rural communities of the US, their way of life and freedom will suffer irreparable harm. Japanese PM Ishiba and its business organization Keidanren are focused on implementing the US Japan Trade Agreement mitigating any effects inside Japan. Japan was able to protect it's auto export model to the US from high tariffs settling for a moderate tariff of 15%. A similar agreement was accepted by Germany when Leyen accepted the 15% tariff on German car export model. For decades Germany and Japan have used their auto export model to take a large share of the US market, joined by Korean makers, putting American car makers and their workers at a disadvantage since the 1980's. This creates a level playing field in world trade and is in the interest of workers in the US. ...

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48% of British voters see immigration as the most important issue, says Ipsos. And 31% say their local area is housing more than its fair share of asylum seekers growing to 61% of Reform UK voters. Reform UK is now leading party with 34% of the vote to Labour's 25% and Liberals 11%. The report in the WSJ on Augu 28 shows how the Labour government did not live up to it's talk on immigration. It also shows how the Conservatives and Boris Johnson failed by opening up non EU immigration from Asia on the grounds that it would bring in the brightest and yet dropped the basic college degree requirement paradoxically or carelessly. Lobbying from health care home care hugely increased migration for this field under Conservatives and is only now being reversed by Labour. Labour has been too slow and the culture of Britain and Labour has not changed enough to grasp the problem. Their are vested interests in Britain such as universities and home care health care that have influenced the conduct of policy so that migration on non-eu has replaced eu migration after Brexit, but not attracted the most qualified immigrants. The 4% of the British population that entered Britain after Brexit as immigrants, millions arrived and now when Labour is trying to bring this down faces a large number of dependent applications. University students are now bringing in their dependents at rates that have skyrocketed. ...

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This like other reports in the NYT and other media fails to report the scale of people leaving Venezuela for neighboring countries in Latin America, the economic mismanagement, and the lack of fair elections. Venezuela has the highest inflation in Latin America leading to a continual flow of people overseas.  Inflation is at 270% in Venezuela and only Zimbabwe is worse. The country is an example of how the very socialist ideas to reduce poverty and increase social mobility can get mismanaged, lead to cronyism, corruption and increase inflation and poverty. About 7 million of 28 million people in Venezuela have left the country, or about 25% of the country's people a situation that is rare in the 20th and 21st century. A mixture of nationalism and socialist ideas led by the military -after failure of political parties to provide good governance-  have ruined Venezuela. US does not seek to intervene in other countries. It also has some version of the Monroe Doctrine by president Monroe 1823 not to let foreign or European powers  recolonize or intervene in the western hemisphere, renewed by Teddy Roosevelt 1903 and even in 1962 under Kennedy in the Cuban crisis with Russia's Khrushchev. Recent elections in Venezuela were not honored by the government in power. The question is how to not intervene and get embroiled in other nation's politics and confusion and yet preserve Latin America's independence from colonization of any sort or drug trafficking gangs. ...

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General Motor's market share could fall below 20% in May 2008. Ten years ago itss executives wore lapel pins with 29 on them showing thath they would reverse sales decline at 29% share, then it was 24%, and is it now at 20%? Among other changes, the Toyota Camry may pass the Ford F-150 pickup as the top selling model and Honda may overtake Chrysler in sales this year.

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Founded in 1880, Carl Welcker's company has seen the changing fortunes of manufacturing for over a century, during depression and after the wars. Still the 50% drop in orders for this company, which makes the machines that make 80% of the spark plugs in the world, is like nothing Carl Welcker has experienced. Its a tragedy he says. Its the speed of the manufacturing decline that is causing concern. In Europe where a fifth of GDP comes from manufacturing industrial production is down 12% from ayear ago. In Brazil it is down 15%, in Taiwan 43%. In China exports are down 25%. In the USA, industrial output went down by 11% in February 2009, according to the Federal Reserve. The pattern of this decline recalls the pattern of 1929, as tightening creedit and consumer fear reduces demand for manufactured goods in one country after another, creating a downward spirtal that reduces global trade. And of concern is that trade is declining even faster than manufacturing.German exports are down 20% from ayear ago, Japan's have plunged 46%, and in the USA exports fell at an annualized rate of 23.6% in the fourth quarter of 2008. A company like Schutte in Cologne, Germany, expanded rapidly as globalization opened new markets in Eastern Europe and Asia. Sales more than doubled in 5 years from 58 million euros to 100 million euros. Which suggests that the extraordinarily rapid expansion of the last few years may have its reverse effect heightened in a slowdown, as those additional sales to China and Eastern Europe disappear. For the USA manufacturing accounts for 14% of GDP, for the world 18%, and for China 33%. But this creates a misperception about the importance of American manufacturing exports. First, manufacturing contributed more to GDP growth than any other sector of the US economy, and accounts for two thirds of American exports, says the chief economist for the National Association for Mnaufacturers in Washington. America's share of global manufacturing output, he says, has remained steady at 20 to 23% for the past decade. This covers jet engines, locomotives, pharmaceuticals, and high tech products. For countries like India where manufacturing accounts for 16% of GDP, the last quarter of 2008 saw the first quarterly production decline in over a decade. And industries like handicrafts exports have fallen by 55% to $1.35 billion, and textile makers have cut half a million jobs. ...

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Softbank the epitome or synonym of waste on a huge scale of capital allocation for the last 2 decades in massively distorted capital markets when healthcare, childcare, manufacturing technologies and infrastructure is suffering from lack of funding, is hit with a loss of $23 billion for the second quarter which was one and half times the loss of the first quarter. As the WSJ reports Softbank and Masayoshi Sen was delirious in his own words during the tech booms of the last 20 years and its founder talked about bigger and bigger capital allocation even as productivity of capital declined rapidly. This happened astonishingly with little restraint in capital markets shown by participants even as healthcare in the ten years before the pandemic was not adequately funded, and education, infrastructure, manufacturing technologies were neglected which would have provided better returns on capital and served the interests of the American people and the world in a way that would have been said was well done had this been done. This went on astonishingly right into the pandemic period. Investments of about $50 billion were made in tech startup companies in 2021.  ...

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Hospitals in Europe are filling up quickly in the second wave of coronavirus. Coronavirus patients had to be transferred by helicopter to Germany from the Netherlands because of overburdened Dutch intensive care units. National Guard troops were flown in from the U.S. to the Czech Republic to help. In France as cases approach cumulative 1 million about 2000 patients are admitted to hospital for coronavirus every day on October 29. At some point French hospitals could be overwhelmed this winter, and doctors having to choose which patients to save, says president Macron. In the Czech Republic a collapse of the health system is expected by mid-November says the prime minister. No one expected this to be this severe, he says.  About 40,000 patients are hospitalized for coronavirus in the U.S. During the last week the case are increasing by over 40% in the U.S. and increase in hospitalizations are expected. Recovery rate is improving from the first wave. At NYU Langone hospital system in New York with 5000 coronavirus patients hospitalized recovery rate is improving from 25% in March to 7% in October. Better handling of cases and knowledge gained by doctors is a big part of this. ...

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What is the oldest man alive like. Bob Weighton was presented with his certificate by the Guinness World Records this week. He lives in a assisted living home and is self isolating. Here is someone who has been through the 1918-20 Spanish flu pandemic that took millions of lives all over the world. What is he like? He was a professor of Marine Engineering at the City University of London till he retired at age 65 in 1973. Weighton says he is very pleased he was able to live so long and make so many friends. He has had serious medical operations but nothing he has experienced is like the coronavirus and self-isolation. He calls it "bizarre." But his advice is that there is nothing you can do about this so you might as well do what you can and  never mind about what you can't. He has 3 children, 10 grandchildren and 25 great grand children. He and wife Agnes traveled and worked around the world then settled back in the UK. She and his wife Agnes who passed away in 1993 volunteered in retirement as marraige counselors and helped youth groups in Alton.  ...

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The situation in California on December 12 is dire as its daily cases for coronavirus increase to over 25,000. For Los Angeles county the figure is over 10,000. California coped well with the first wave. As the summer arrived fatigue with lockdown restrictions had increased, social distancing and mask wearing were not followed. When bars and restaurants opened in Los Angeles county huge numbers of people gathered in close proximity. Beaches were crowded.  A further spike in cases is expected from the Thanksgiving period. LA officials are saying one person is dying every 20 minutes. ICU capacity is shrinking. In southern California it has dwindled to less than 10%.  In Santa Clara county in Bay area only 31 ICU beds remain for 2 million residents. San Francisco is expected to run out of ICU beds on December 27, 2020. A patchwork of restrictions varying by county means there is no uniform effort. Fatigue with restrictions means compliance is patchy with social distancing and mask wearing even at the height of this pandemic. Public officials have failed to convince the public to do their part including the governor of the state and the mayor of San Francisco, because of inconsistent messages. ...

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Apple follows Microsoft in increasing workers pay. Apple increased the hourly pay for workers to $22, increase of 45% over 2018. It follows Microsoft which has doubled its worldwide budget for meit based pay increases. Annual increases are moved up by 3 months and new pay increases take effect in July at Apple. Apple shares have fallen 21% this year to May, making stock based awards ineffective.  Apple has paused plans to call workers to office for at least 3 days a week as coronavirus cases rise again in California. Apple was one of the first companies to move to remote work in 2020. The pandemic has increased Apple sales tremendously of laptops and iphones so that the increase in workers pay was long overdue. In this sense the Biden administration has brought with it president Biden's genuine and deeply felt concerns for workers and families to the forefront of company and workers attention. Overall for private and government employers the first quarter of 2022 brought with it a 4.5% increase in workers pay, says the Labor Department. Inflation was higher and outpaced worker wage increases so that worker pay has more room to grow under president Biden's leadership. ...

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The president says of the remarks by the former president about European countries that do not meet defense budget needs that Russia could then do what the hell it wants, that it was un-American and strange. Biden said- "History is watching. History is watching. History is watching. Failure to support Ukraine at this critical moment will never be forgotten." He also pointed out that most of the $60 billion in military aid will be spent in the United States, it will create American jobs, it will renew the defense infrastructure of the US that is needed. Senator Tillis, Republican of North Carolina also said this on the floor of the Senate in the bipartisan Senate. effort. The House of Representatives led by a small faction in the Senate has changed Speakers 3 times, and the new Speaker Mike Johnson from Louisiana lacks extensive experience and is in this role for a few months. He is now faced with deciding how to move forward even with president's call to have a vote immediately on the biparitsan approval in the Senate for $91 billion in aid to Ukraine, Israel, Taiwan that passed 70-29 with 22 Republicans voting for. ...

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South Korea's LG Energy Solution is pushing forward with its aggressive investments in electric vehicle batteries by going public, raising $11 billion through South Korea's largest listing on January 27. LG Energy has made large investments in the US and is dominant in Europe. CEO Kwon Young-soo told a recent news conference that its strength is that "we have global buyers and global production facilities in the US and Europe, which CATL doesn't have." Saying that LG Energy is not Chinese is a big pitch, and LG Energy is taking advantage of the current trade war between the US and China.  China's CATL or Amperex is the largest maker of electric vehicle batteries with 30% of all batteries sold, compared to LG Energy's 20%. Yet CATL is concentrated in the China home market. The next three companies are in order Japan's Panasonic, China's BYD, South Korea's SK Innovation, and Samsung SDI. The South Koreans plan $15 billion in investment in the US. They see the fact that they are not Chinese a big advantage in meeting European and US automaker needs. ...

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This report in WSJ shows a generational problem that is creating a shortage of workers in Vietnam and China, that will require factory owners to increase wages significantly. US and European government policy supports these higher wages so that some of the manufacturing can be returned to bring jobs back home.   Younger workers do not want to spend much of their lives behind factory walls, and prefer less strenuous jobs shorter working hours in the services sector. They are having fewer children and at later ages than parents, resulting in less pressure to work in their 20's for a steady income. Factories in Vietnam are offering glass walls, yoga classes, improving cafeteria food, and offering kindergarden for worker children to attract workers.  In China there is 21% urban youth unemployment at a time of factory shortages. South Asian countries such as Bangladesh have infrastructure problems, and in India factories are finding it difficult to sign up workers. In the next 2 years this will result in costlier goods in US and EU, over 3-5 years this will bring many jobs back to the home countries. ...

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Angela Rayner, Secretary of Housing and deputy prime minister, removed the "beauty" requirement that was unnecessary and blocking new housing development in Britain. 62% of Britons support the aggressive housebuilding program of Labour government, 9% don't know and only 29% are opposed. Britain has a crisis in housing with a shortage of 4 million homes and 20% price increases in housing. Rayner's response on the change in the wording of housing requirements set by the government-  "This is ridiculous. Beautiful is so subjective. Actually, within the planning framework, there is a lot of specifications about in keeping with the local [environment]. Beauty is in the eye of the beholder anyway. It’s actually about [being] in keeping with the area, it’s about protecting nature and having access to nature, it’s about making sure that buildings are safe, they’re warm, they’re sustainable. So there’s a number of guidelines and rules that a developer has to follow. Beautiful? Beautiful means nothing really, it means one thing to one person and another thing to another." ...

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Apple to ship 25 million iphones made in India to the US for the June quarter 2025, meeting 50% of US demand. This will reduce iphone tariff from 20% for China to 10% for India. Apple will take $900 million in added costs for the tariffs for the June quarter and higher costs for future quarters. Apple made 24.8 billion on $95 billion in sales for the 1st quarter of 2025.  Apple will not get the $20 billion payment it gets from Google for making Google search the default search engine on Safari web browser. This is 25% of Apple profit. A federal judge declared this payment illegal on antitrust grounds. Another federal judge has referred Apple's App policies for criminal contempt investigation. Apple has been late to recognize the dangers of concentrating production in one country. Eight years after the 2016 election won by DJT Apple has not corrected this concentration in one country. Apple has focused on proift alone ignoring the potential for education for it's products such as the iPad. The public perception of Tech companies is that Tech is all about profit alone without regard for the Nation, education, investment in American communities and jobs, and other needs. ...

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Brexit is now seen as based on some mistaken ideas that were presented to the public without much thought or seriousness. One of these ideas is that Britain would simply be free to sign its own trade deals with other countries. One such deal would be with a 1.3 billion people rapidly expanding economy like India. Yet India - Britain trade is very small today and is vastly overshadowed by EU - India trade relations. In fact the European Union is India's largest trade partner. By removing non tariff barriers and tariffs India's economy would expand by 1.3 % annually adding $25 billion to India's GDP each year, Ifo research shows. The EU would see 0.14% growth in GDP, a gain of 21 billion euros annually. Germany would boost its automotive and machine tools industries, and India its textile and services industries.  Many British companies manufacture in India and are not exporters. This situation is not likely to suddenly change with Britain able to strike its own trade deals. ...

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Google will take part in the Digital India project of the Indian government with a $10 billion investment over five years. This is about leveraging the power of digital technologies for transforming lives of farmers, young people and for creating new businesses. Google Search and You Tube reaches 245 million Indians. Local language content is popular for 66% of the content online. For Google CEO Pichai this as he says is deeply personal as the investments in early computers and digital use in the first 20 years after independence in 1947 provided the opportunities for Pichai and Microsoft CEO Nadella and countless others to learn about these technologies in schools and universities in India. These investments will lay the ground for opportunities to be created for new generations. Earlier Google partnered with Tata Trusts to launch Saathi so that the internet could reach India's villages. About 23 million women in 300,0000 villages have gained through Saathi the first use of internet. ...

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Reuters reports Datafolha poll showing Brazilian president Lula of the Party of Workers popularity down to 28% in June. With disapproval ratings growing to 40%.