|
| rxwine Member since: Oct 24, 2012
Threads: 217
Posts: 22940 | Donald Trump's economy on verge of crisis 'bigger than Great Recession', experts warn Quote: Now, experts are sounding the alarm about another impending crisis for the US economy. This crisis pertains to the car lending market and an escalating number of car repossessions in the United States due to Americans defaulting on their car finance payments - a problem affecting millions and setting off warning signals on Wall Street.
Ignas Ryla, head of B2B Sales at used car parts company Ovoko, issued a stark warning in a statement to ReachPlc: "Auto loan delinquencies have reached alarming levels, with overall 60+ day delinquency rates at 1.38% in Q1 2025, exceeding the 1.33% peak in 2009, and subprime delinquencies hitting a record 6.6%."
Ignas added: "1.73 million vehicles were repossessed in 2024, the highest number since the 2008 financial crisis, and Americans now owe $1.66 trillion (£1.24tn) in auto debt, with trends looking alarmingly similar to those before the Great Recession.
"The recent collapses of Tricolor and First Brands have exposed fraud and reckless lending, with major banks, including JP Morgan Chase and Fifth Third, set to lose hundreds of millions of dollars.
"The average new car price has topped $50,000 (£37,843) for the first time, 20% of newly originated car notes are over $1,000 (£749) monthly, and Gen Zers have the highest delinquency rate at 7.5%."
Carl Hazeley, CEO of financial information platform Finimize, has echoed these concerns, stating that the issue was reaching Great Recession levels of magnitude and cautioning we could be witnessing the beginning of a 'cascading' effect on the US economy reports the Expre
Carl stated: "Car finance defaults are worth watching closely. Auto loan delinquencies are approaching Great Recession levels, with nearly 5% of loans currently delinquent and subprime delinquencies at 6.43%.
"What makes this particularly concerning is the cascade effect. Losing access to a car can mean losing your job, your ability to get your kids to school, or access to healthcare."
Carl added: "And right now, Americans are being rejected for auto loans at the highest rates since 2013, with expected rejection rates at 33.5%.The warning signs are there in the data."
Yet, car finance payments and defaults aren't the sole economic concerns triggering alarm bells on Wall Street, as Trump's intensifying trade war with China threatens to destabilize the US and global economies while he threatens to impose additional tariffs, reports the Telegraph.
The expectation is that a middle ground can be found between Trump and Chinese premier Xi Jinping at the upcoming Asia-Pacific Economic Cooperation summit in South Korea next week.
"Trumpsplain (def.) explaining absolute nonsense said by TRUMP. |
|
| rxwine Member since: Oct 24, 2012
Threads: 217
Posts: 22940 | Elon. that's what you helped create. Quote: “Having a NASA Administrator who knows literally ZERO about rockets & spacecraft undermines the American space program and endangers our astronauts,” Musk said in an X post on Wednesday.
"Trumpsplain (def.) explaining absolute nonsense said by TRUMP. |
|
| missedhervee Member since: Apr 23, 2021
Threads: 160
Posts: 5494 | A rabid dog is walking the streets of this once fair land.
Paging Gregory Peck... |
|
| fleaswatter Member since: Oct 24, 2012
Threads: 5
Posts: 1757 | Quote: rxwine Donald Trump's economy on verge of crisis 'bigger than Great Recession', experts warn
 The sky is falling The sky is falling The sky is falling blah blah blah |
|
| SOOPOO Member since: Feb 19, 2014
Threads: 25
Posts: 5748 | Quote: fleaswatter The sky is falling The sky is falling The sky is falling blah blah blah
Agree. The US stock market added around A HALF TRILLION dollars in value today. I got my little piece of it. I hope you did too! |
|
| fleaswatter Member since: Oct 24, 2012
Threads: 5
Posts: 1757 | Quote: SOOPOO Quote: fleaswatter
The sky is falling The sky is falling The sky is falling
blah blah blah
Agree. The US stock market added around A HALF TRILLION dollars in value today. I got my little piece of it. I hope you did too!
Yes I did! 💰💰💰💰 |
|
| rxwine Member since: Oct 24, 2012
Threads: 217
Posts: 22940 | Quote: SOOPOO Quote: fleaswatter The sky is falling The sky is falling The sky is falling blah blah blah
Agree. The US stock market added around A HALF TRILLION dollars in value today. I got my little piece of it. I hope you did too!
If a dramatically rising stock market was a good sign, we'd never had had the crash of 29. "Trumpsplain (def.) explaining absolute nonsense said by TRUMP. |
|
| rxwine Member since: Oct 24, 2012
Threads: 217
Posts: 22940 | Quote: Ten major employers filed mass layoff notices with the Texas Workforce Commission, creating what many experts called a "two-week tsunami" of job losses.
The cuts hit workers from all over the state—from semiconductor factories in Dallas and airline crews in Houston to government contractors in San Antonio and nonprofit workers in Austin.
Net positive. People available to pick crops in the Donald Epstein Trump economy. The MAGA JOB FAIR is open for business. "Trumpsplain (def.) explaining absolute nonsense said by TRUMP. |
|
| SOOPOO Member since: Feb 19, 2014
Threads: 25
Posts: 5748 | Quote: rxwine Net positive.
People available to pick crops in the Donald Epstein Trump economy. The MAGA JOB FAIR is open for business.
The businesses in overall are doing well. The booming stock market shows that they are making money hand over fist. With the artificially installed minimum wage companies are more and more using alternatives to humans whenever possible. If it means there are more legal residents of the USA available to be retrained into harvesting crops, yes, that is good! There used to be a job in Buffalo called ‘toll taker’. Thing of the past. It’s all EZPASS or ‘toll by mail’. Do you bemoan the fact that the 1000+ toll takers had to find other jobs? |
|
| fleaswatter Member since: Oct 24, 2012
Threads: 5
Posts: 1757 | Quote: Ten major employers filed mass layoff notices with the Texas Workforce Commission, creating what many experts called a "two-week tsunami" of job losses.
The cuts hit workers from all over the state—from semiconductor factories in Dallas and airline crews in Houston to government contractors in San Antonio and nonprofit workers in Austin.
How many workers?? 100? 500? 1000? What is the number? Please provide a link to the above quote. I have not been able to find any information supporting your post. Quote: rxwine Net positive.
People available to pick crops in the Donald Epstein Trump economy. The MAGA JOB FAIR is open for business.
blah blah blah |
