Yesterday, the proposed $700 billion federal bailout of the banking industry went down in (possibly temporary) flames. Tomorrow, car manufacturers are expected to report abysmal September sales.
The meat in this bad-news sandwich comes courtesy of Fitch Ratings, which noted today that losses on auto-loan securitizations are at an all-time high. Annualized net losses were 22% higher in August than July, and more than double the levels from a year ago. More details here.
Those looking for good news should direct themselves to the soup industry, of which one company posted the only gains in yesterday’s stock markets.
