Goldman Sachs thinks you can make 40% on Ford. I think that figure should be a lot closer to 400%.
China has finally, truly and wholeheartedly embraced "21st century American-style capitalism."
God help them.
Here's the headline that popped up on one of my news feeds a day or so ago: "Chinese Carmakers Record Sales."
That's right, in the middle of a yearlong global recession, China is selling more cars than ever before. Skimming down through the article, one notes that sales of minivans are up some 40% Q1 2008 to Q1 2009.
How can this be true? Isn't China suffering too as depressed American and European consumers decline to buy their cheap T-shirts and lead-painted gewgaws?
Actually, China's version of recession is a tad different than ours. It did indeed miss its target of a blistering 8% annualized growth rate for the first quarter of 2009, settling instead for a "mere" 6.1%, a figure for which most any Western finance minister would sell his children.