Writing about cars for a living is a beautiful thing. Aside from doing what we love, we're able to keep ourselves somewhat insulated from the bigger issues ailing our world, content to avoid those unsavory subjects like a Klingon-filled elevator at a Star Trek convention. But we can't elude reporting on the current economic crisis any more than we can keep our lunch down while watching our meager savings fall through the floor.
The Dow fell 777.68 points today – almost 7% -- to 10,365.34 after the House voted against the $700 billion bailout of the financial industry. The world's biggest automakers were far from immune. General Motors' stock dropped by 12.81%, going for $8.51 a share, while Honda lost almost 10 percent, Ford and Toyota lost over 8% and Tata dropped some 13%. And that's just the tip of this chilly iceberg. Shares of both auto suppliers and massive retailers dropped accordingly, while oil futures tanked by 10%, selling for $96.37 a barrel.
While it's certain that all the government's men and women are going to put this humpty-dumpty bill back together again and attempt to vote on revised terms by the end of the week, the automakers and those of us playing the home game of "Rebuild Your Failing Economy" are forced to wait idly by while our futures shuffle off this mortally-wounded coil. And what are the chances of Detroit's Big 3 getting their $25 billion? Stay tuned sports fans, the
best
worst is yet to come.
[Sources: NYT, Google, Automotive News | Image: Nicholas Roberts/Getty]
The Dow fell 777.68 points today – almost 7% -- to 10,365.34 after the House voted against the $700 billion bailout of the financial industry. The world's biggest automakers were far from immune. General Motors' stock dropped by 12.81%, going for $8.51 a share, while Honda lost almost 10 percent, Ford and Toyota lost over 8% and Tata dropped some 13%. And that's just the tip of this chilly iceberg. Shares of both auto suppliers and massive retailers dropped accordingly, while oil futures tanked by 10%, selling for $96.37 a barrel.
While it's certain that all the government's men and women are going to put this humpty-dumpty bill back together again and attempt to vote on revised terms by the end of the week, the automakers and those of us playing the home game of "Rebuild Your Failing Economy" are forced to wait idly by while our futures shuffle off this mortally-wounded coil. And what are the chances of Detroit's Big 3 getting their $25 billion? Stay tuned sports fans, the
[Sources: NYT, Google, Automotive News | Image: Nicholas Roberts/Getty]
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