And In the End…. - Tire Review Magazine

And In the End….

That really loud noise you heard emanating from the east on Monday was our collective financial world crashing headlong into a wall.

Lehman Bros. is no more. Merrill Lynch, now just part of Bank of America. Insurer AIG owes Uncle Sam (and you and me) about $85 billion thanks to rescue loans. Fannie and Freddie are also now on taxpayer dole.

While the Chicken Little chatter on TV was all about the Dow dumping 500 points, the bigger picture is the impact these disasters (and I do mean disasters) will have on the credit market…for small businesspeople and consumers. Sure, everyone’s 401K took a big hit, but time will probably heal some of that wound. Getting enough capital to stay afloat, let alone grow, has not gotten a whole lot harder. And tire and service buyers will probably be thinking two or three or four times over before making needed purchases on their plastic.

We have a major FUBAR on our hands. And the inside line is that it will get a lot worse by the end of 2008.

If you have comments to share, send to me at [email protected].

– Jim Smith

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