The Shipping News Suggests World Economy Is Toast

[girl gone mad]

The Shipping News Suggests World Economy Is Toast: Mark Gilbert

Commentary by Mark Gilbert

Oct. 30 (Bloomberg) -- In the third quarter of 2007, Volvo AB booked 41,970 European orders for new trucks. Guess how many prospective purchases Volvo, the world's second-biggest maker of heavy rigs, received in the third quarter of this year?

Here's a clue. Picture a highway gridlocked by 41,815 abandoned trucks -- because Volvo's order book got destroyed to the tune of 99.63 percent, with customers signing up for just 155 vehicles in the three-month period, the Gothenburg, Sweden-based company said last week.

The pathogen that has fatally infected swathes of the banking industry is now contaminating non-financial companies. ``We're heading toward the sharpest downturn I've ever seen in Europe,'' said Chief Executive Officer Leif Johansson.

Volvo has company. Daimler AG, the world's biggest truckmaker, said earlier this month that its U.S. deliveries slumped by a third in the first half of the year.

After months of money-market madness, slumping stock markets, collapsing currencies and bank bailouts, the headlines from the broader economy are starting to roll in -- and the news is all bad and getting worse, fast.

http://www.bloomberg.com/apps/news?pid=newsarchive&sid=a7AhRhE4NJlM

[LibertyorDeath]

1. Holy Crap!!

That is very bad news.

[Double T]

2. Even a layeconomist with ADD could see this very ugly situation coming.

When the 'criminal enterprises' are allowed to run our governments and corporations this had to be the only outcome. The 'bush/cheney greatest depression' is here and now and will only become much worse. The 'bottom' is nowhere in sight. bastards!

[angstlessk]

3. ya know, anyone who can make a lifetime income in about 3 months has NO INCENTIVE TO WORK

FOR A LIVING..ONLY TO DO MORE OF WHAT MAKES HIM/HER THAT KIND OF MONEY..it should be illegal for anyone to make enough money in one year to simply quit the job and purchase an island and live happily ever after UNLESS one privately OWNS the company outright, and its demise would effect only him/herself and his/her workers!

[ben_thayer]

4. Wealth

corrupts, and absolute wealth...etc

[upi402]

5. time to turn the tables over

on these money lenders


no more mr nice guy, i hope they all pay... very very dearly.

i'll work for any pol who goes after the crooks to get our money back.