Ever since Fiat took over Chrysler, we have been wondering which models from the terrible Chrysler/Jeep/Dodge line-up would survive. On the other hand, we have been eagerly anticipating the return of Fiat and Alfa Romeo to our continent. Who wouldn’t want to see some more Italian flair on the road? Anyway, hit the jump to find out who made the team and who gets booted by 2012.+Continue Reading
Post Tagged with: "Dodge Challenger"
A long, long time ago in a United States automobile industry far, far away, Chevrolet pulled the covers off a new Camaro. The General debuted the Camaro Concept, soon to be known as Generation 5, in 2006 at the North American International Auto Show with a casual hint they may actually build it. Later, of course, GM Chairman and CEO Rick Wagoner confirmed it a go, but as a 2010 model.
6 January 2006 to 16 March 2009 is a long time in car years (21, to be exact), but today is the day the first example squeezed out the regular production tube in Oshawa, Ontario, Canada.
Welcome to the world, little Camaro.+Continue Reading
We won’t harp on what is already a massively over-hyped financial situation. Yes, it’s tougher to obtain credit these days, but it was far too easy a couple of years ago. Previously, the banks were a joke. I think that the conversation between bank lender and customer went something like this: “You don’t have a job right now? No worries, the payments are low enough that you can afford a 3,000 sq ft house for the first year. Then when the payments balloon when the interest rate resets, you’ll have a job and be earning enough money to pay it!”
Except the customer didn’t. But the bank took that risk because houses were appreciating at such a brisk rate that they could always be put back on the market if the customer defaulted. Except the houses didn’t keep appreciating because too many people defaulted so too many homes were for sale.
Compounding the problem were people who bet on whether or not this unemployed customer would default on their loan. These bets are called Credit Default Swaps, or CDSs, and they are a blurry underground derivative market that no one outside of the financial industry fully understands. All we know is that CDS derivative transactions amounted to about $55 Capital T-rillion in 2007.
So when banks started miscalculating the rate of defaults thanks to a burst housing bubble, the whole financial industry that had been playing this derivative shell game was brought to its knees. The greedy bankers got burned and now we’re all paying the price (except here in Alberta and in Saskatchewan where we are as well-sheltered as can be expected).
That’s what started this whole r-word. But I honestly believe that if people didn’t watch the news, the stock markets would be fine and this would be no more of a recession than 2001 was. Instead, thanks to fear-mongering “news” channels like CNN and Fox, we’re approaching something akin to Black Tuesday (not to be confused with the shopping holiday, which is on a Friday) and the dust-bowls of the 1930′s. But after we’re done turning towards demagogues like Barack Obama to solve all our problems and we’ve finished with protectionism of our auto manufacturers, what will we drive?+Continue Reading