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Discussion Starter · #1 · (Edited)
Bloomberg December 22, 2010

About a third of Italy’s 3,600 dealerships are at risk of going bankrupt in the next 18 months, taking 15,000 jobs with them, as car sales plunge following the expiration of government incentives, the Italian dealers’ association said. Deliveries in the country, Europe’s third-largest auto market, plummeted 21 percent last month.

Auto sales in Italy will continue to decline in the first quarter, Fiat Chief Executive Officer Sergio Marchionne told analysts Oct. 21, without providing figures. The CEO says Fiat’s Italian business will still be unprofitable this year.

The Italian market is dragging on Fiat’s profit potential. Fiat raised its 2010 forecast, thanks to demand in emerging markets.

FIAT shares have risen 40% in the past 3 months.

“With 30 percent of sales exposed to an Italian car market that we estimate could fall 7 percent in 2011, the outlook is tough,” wrote Bank of America Merrill Lynch analysts led by Fraser Hill in a note to clients Nov. 22.

More than half of current dealerships are losing money, the Italian dealers’ association estimates. Fiat’s Italian market share fell in November to 28.5 percent from 30.4 percent.

http://www.bloomberg.com/video/65460274/
 

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So, contrary to what the liberal media is telling us - the world ecoonomy hasn't really improved all that much since the US elections of 2008?
 

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Discussion Starter · #3 ·

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Read the article twice - a pretty fair and accurate assesment of our current situation and how we got here.
 

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Dont worry about Sick Man of the World, every country takes it in turn to have this dubious honour bestowed upon them!!

In the past the UK has picked up ... Drugs capital of the World, Illegal immigrant capital, The sick man of Europe, Terrorist Hotbed of the world, UK is now Backward 3rd world Country,The heaviest Drinkers & drunks of the World.

Strange I didnt notice--Ok we dont clear our Snow properly & food is creeping up in price but thats about it........
 

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Understood, but:

So much of our recent "wealth" was nothing but the smoke and mirrors of huge credit lines issued to people who have no chance of ever paying one red cent back.
This type of credit is gone for good - prudence and common sense have seen to that and make sure this does not happen again. How could we have been so blind?

Corporate greed has moved so many US jobs offshore to low wage countries but with no lowering of the price of goods from these companies. Now with so many people suffering permanent job loss, no one can buy anything. This contributes to the global nature of the current situation.
 
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