This morning I was doing my usual surfing and came across this…
GM dealers have complained that tighter financing terms have cost them sales in a U.S. auto market that has failed to deliver the strong recovery many had anticipated in 2010.
Subprime auto financing represents between 10 percent and 25 percent of auto loans depending on the market in the United States, according to dealers.
That form of financing for less credit-worthy borrowers is especially important for brands such as Chevrolet — GM’s mass-market brand and one of four that it has kept in the United States as part of its restructuring.
Source: Reuters
Now I’m not an economist but something tells me that if a potential car buyer is not qualifying for the standard financing terms at a bank, they should not be given a loan because… well they probably can’t afford it. GM’s logic is screw that, let’s buy our own financing company and lend these people money via sub prime loans! Yes this will work out very well, you can tell GM management has the company’s future and well being in sight.
Anyone want to take bets on how long GM will stay afloat? Too bad as an individual, I can’t short GM because it’s going to crash and burn!
Rants
I’ll admit that I am not familiar with the business tax code in Canada but I would think a large publication like The Star has its facts right and if it is, this is rather disturbing…
But there is a disturbing other side to the picture that politicians seem to feel is impolite to mention in mixed company. That is that both the federal and Ontario governments are implementing a series of corporate tax cuts that deplete public revenues by billions of dollars every year. So while ordinary Canadians are being told there isn’t enough money for transit or education or health care, the wealthiest companies are getting bonus tax cuts.
The Conservatives claim that by cutting tax rates we will help to attract business to this country. The flaw in that argument is simple — we already have one of the lowest corporate income tax rates in the industrialized world. A recent report by global business consultant KPMG compared 10 key countries, and found that Canada’s rate was the lowest. We are at 12.2 per cent — far less than the U.S. at 28.3 per cent or Mexico at 28 per cent. When you add other business levies, the difference between us and the Americans widens even further. So why the rush to give up revenues that most people would want to be used for vital services?
Now is certainly not time to cut business taxes, especially if Canada already has some of the lowest tax rates in the corporate world. Yes it does bother me that my personal taxes are going up and social services are being cut yet big business gets to keep more. Hell I wish people could be taxed like businesses…
Rants
One thing I’ve learnt as I have gotten older is to manage my money better. I don’t need a lot of “stuff” to make me happy, I try to live a modest lifestyle and most importantly I live with in my means. On my way to work this morning I read an article in the Metro and had to blog about it. Sigh Canadians are borrowing like there’s no tomorrow and we may have a credit bubble problem too…
Marc is in charge of mortgages at a large bank, and he’s getting nervous.
“Many cases are scaring me. One customer owes $60,000 in credit card debt, and he wants to refinance his mortgage to repay it.”
Another uses his house as an ATM. “He’s refinanced his mortgage eight times. To buy a Ski-doo, a truck, a boat … The day his house’s value starts falling, this guy will lose everything.”
Is this scene taking place in the U.S.? No. In Montreal. Forget about Canada Day. Partly thanks to our politicians, we’ve all become Americans — version 2007, a few months before their economy collapsed.
Source: Metro Toronto
I don’t know what the future brings but I’m going to be sure I’m not strung out on credit (ever!) if this bubble pops!
Rants
This is absolutely disgusting. Man no wonder Americans are so fat!
KFC announced this week its sodium-and-fat-filled trial balloon has been so wildly popular that it would be keeping the Double Down on the menu.
Constructed out of two fried chicken breasts, sauce, bacon and two kinds of cheese, the DD packs in 540 calories, 1,380 milligrams of sodium and 23 grams of fat.
Rants
We recently changed our home phone service to Bell and internet to TekSavvy to save some money on expenses and man Bell has been calling us 3-4 times a day with offers for new services. It’s damn annoying and they don’t seem to take no for an answer, today for example I come home and there are 6 new voice mails and all were from Bell. Well we didn’t sign a contract and I told them if I receive another telemarketing call, I’m going to someone else because this is getting out of hand.
On another note, man I had a really weird dream last night… I dreamt that Maggie was married to Lionel Richie and that I was seeing her on the side. Haha it was actually pretty funny, odd but funny. Anyway well it’s been like 10 days since Maggie left for China and I have to say that I miss her quite a bit. I guess it’s good that she’s coming back this Sunday, any longer and I’d go crazy. ;-)
Love you baby!
Personal Stuff, Rants
So while every other manufacturer is focusing on smaller, more efficient cars GM announces that it’s adding another shift to its production line in Oshawa plan to increase output of two mid sized SUVs…
The automaker says the changes are planned for later this year in response to growing customer demand for the Chevrolet Equinox and GMC Terrain.
Source: The Star
Aww isn’t that nice, I’m sure we’ll hear a lot of crying when this “what will definitely be a temporary demand increase” falls and the extra shift is cut.
Rants
I thought nothing about the US could surprise me anymore but I seriously had a “WTF?!?” moment when I read this poll. Man the US is certainly going backwards! Sigh the Republicans (like the Conservatives in Canada) have learnt that if you lie long enough, people will start to believe it.
* 67 percent of Republicans (and 40 percent of Americans overall) believe that Obama is a socialist.
* 57 percent of Republicans (32 percent overall) believe that Obama is a Muslim
* 45 percent of Republicans (25 percent overall) agree with the Birthers in their belief that Obama was “not born in the United States and so is not eligible to be president”
* 38 percent of Republicans (20 percent overall) say that Obama is “doing many of the things that Hitler did”
* Scariest of all, 24 percent of Republicans (14 percent overall) say that Obama “may be the Antichrist.”
Source: The Daily Beast
This is what you get when you spread hate and fear…
Politics, Rants
Man when I read articles like this, it makes me glad I’m a Canadian…
Fortis canceled Mitchell’s health insurance based on a single erroneous note from a nurse in his medical records that indicated that he might have been diagnosed prior to his obtaining his insurance policy. When the company’s investigators discovered the note, they ceased further review of Mitchell’s records for evidence to the contrary, including the records containing the doctor’s diagnosis.
Nettles also suggested that Fortis should have realized the date in the note was incorrect: “Not only did Fortis choose to rely on one false and unreliable snippet of information containing an erroneous date to the exclusion of other information which would have revealed that date to be erroneous, Fortis refused to conduct any further investigation even after it was on notice the evidence which aroused its suspicion to be false,” the judge noted.
Fortis “gambled” with Mitchell’s life, Nettles wrote.
Source: Reuters
I’ve said it before and I’ll say it again, capitalism is evil. The number one job of companies and corporations is to make money, with all other considerations secondary. I’m glad that this person sued and won, I’m sure his health insurance company was hoping that he’d die during litigation and that would be the end of it. Hopefully it sets a precedent for others in similar situations so they can sue and win what’s right.
Rants
Over the weekend Maggie and I went to Ikea to pick up a new bedroom set and today I took delivery of the stuff. There’s just one small problem, missing is my new queen size mattress… Yeah I’m not impressed, I mean I know these things happen but it’s still frustrating none the less.
Now I’m on the phone waiting for customer service and have been on hold for over an hour. Fun stuff…
9:44 PM Edit: So after talking to the resolution department, they’re going to do an investigation and find out where the mattress went and will arrange for it to get to my place. Going to take two business days, the damn thing better be here by the weekend or I’m going to be super pissed.
Rants
Am I the only person who thinks this is crazy?
Huyer filed the complaint in June 2006 after two flights where she had asked flight staff to not serve nuts. On one, the flight attendant said she could get off the plane and take a later flight. She did. The next time, she stayed on board. When the attendant insisted on serving nuts, Huyer locked herself in the washroom for 40 minutes.
Source: The Star
I feel for this woman for having a nut allergy but how is it fair that the rest of us have to suffer because of her allergy? I mean it’s not like the airlines or other passengers are force feeding her. Isn’t this infringing on my rights and the rights of everyone else? I wonder how many people who have nut allergies have died on flights…
People really need to start taking responsibility for their own lives.
Rants
