GM profits plunge: Auto giant sees 41% drop
Charles Payne weighs in
- Duration 3:00
- Date Aug 3, 2012
Charles Payne weighs in
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Some stories that you can bank on this morning and July is jobs numbers due out in just a few hours from now.
And that's likely gonna set the tone at the upcoming political conventions so what we expect from these numbers joining us now from the Fox Business Network as Charles -- -- morning Charles let me like economists are all over the map about this one.
They -- are because coming into the week the official number was a hundred fountain but a whole lot of people were saying the number can actually big losses in other words net job losses but earlier in the week.
Jobs are created last month so now everyone's all confused and then there's a lot of -- a lot of anxiety to this morning.
Okay I you say that Wall Street actually wants out worst jobs numbers why is that that's this sad so.
Fate of a state of affairs that we're in right now if that the numbers are a little bit worse than anticipated at this point maybe the Federal Reserve will spring into action with some sort of it's -- way printing more money.
-- course the more money that's out there -- assets including the stock market right you know it's really sad when the stock market when we're not looking for the stock markets -- rally on strong fundamental news instead.
More more aid by the Federal Reserve -- has its own negative consequences on -- -- -- the that may do some sort of a bond buyback program is kind of like Kmart buying its -- unsold merchandise except it's not their merchandise it's you know it's sort of it's it's one.
One faction of the government -- I government -- -- private that buys treasuries from the from the US government headed by these bonds and -- of these bonds mature they take the profit to give it back -- treasury.
I'm -- and that's -- gonna cost me more money are I think you're right speaking of spending more money so lindros so the government gave a bunch of money we get as taxpayers to so Libre.
But then -- its own internal analysts -- and this is not a good idea.
And they US might be better off of it dumped out of Solyndra explain all that's.
You're absolutely right you know there's no -- cylinder could have gotten this money from any other institution in -- they have gone to bank debated on the Wall Street -- look at the books and say guys this is -- really and I turned it -- absolutely in the same thing with the government the governments look at these numbers saying it's just it doesn't add up.
These guys cannot compete on the global states -- that these prices.
And that's why a lot of people say you know what this is really a way to payback bottlers -- a lot of people involved in the Obama campaign big time major bottlers.
Also involved and -- -- and it feels like they were paid back at our expense.
-- will have the US dumped out we -- then become a creditor.
At least gotten some money back it's about company had gone -- them.
The scary part is that you know of course we're gonna probably doubled down in this sort of approach and it's it's and we're also starting -- trade world this kind of stuff it's really one of the dumbest things that we're -- right now all right something else to watch this morning GM profits down forty.
Last -- I'm very worried about General Motors -- -- losing market share this every cruise I was down 30% last month they still -- 35 billion dollars of stock is down we may have to bail out General Motors again is I hope you're wrong Charles I think it from the Fox Business empire thank you so much for watching Alison appreciate your house that's.