Friday, August 01, 2008

GM posts $15.5 billion loss as sales sputter

GM posts $15.5 billion loss as sales sputter. Once again, STILL not a depression, or even a REcession. Not that I'm crying about less SUVs on the road. That's a good thing. But this is only part of gasoline prices are doing to our economy, and the Republicans refuse to see it. And yet...

Oil company profits soar. Record prices, including Exxon-Mobile, which apparently "disappointed" by ONLY making 11.68 BILLION dollars:

Exxon's second-quarter net income rose 14 percent to $11.68 billion, or $2.22 a share, in the quarter.

However, after excluding one-time items, Exxon earned $2.27 a share, more than 10 percent below analysts' expectations, according to Reuters Estimates. The miss led to a 4.7 percent slide in Exxon's shares, a major factor in a decline in U.S. stocks on Thursday.
Awwwwww. What a shame.

Interesting correlation, though between the loss and GM and the gains in the oil industry. And probably, Exxon-Mobile's "disappointing" quarter was probably due to less people driving SUVs...

Doesn't anyone get it? This is a chain of links. Cut a link, and the entire chain suffers. Or falls apart. I'm no economist, but it's pretty obvious to me.

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