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In 2008, subprime mortgages almost single-handedly took down the entire financial system, and now a new subprime crisis is here. In recent years, the auto industry has been able to boost sales by aggressively pushing people into auto loans that they cannot afford. In particular, auto loans made to consumers with subprime credit have been accounting for an increasingly larger percentage of the market. Unfortunately, when you make loans to people that should not be getting them, eventually a lot of those loans are going to start to go bad, and that is precisely what is happening now. Meanwhile, automakers and dealers are starting to panic as sales have begun to fall and used car prices have started to crash. If you work in the auto industry, you might remember how horrible the last recession was, and this new downturn could eventually turn out to be even worse.
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H/t reader squodgy:
“Entertaining. And some! The finale reminds me of Krufts Dog Show.”
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This will surely end well!
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It all sounds so futuristic and exciting, this concept of driverless cars, but the reality is, our society may not be nearly as ready for it as other people in other lands may be. That’s because if there is one thing Americans are infatuated with, it is the automobile.
And yet, the technology is here and it is getting better every year. So we may have little choice about whether or not we want our vehicle to do the driving for us in the near future.
Indeed, the technology has even advanced to the point where media and technology giant Google has given them a “greenlight” for business, The New York Times reported recently.
H/t reader kevin a:
“This is an Amazing engine.”
Toyota is hot on hydrogen fuel cells for its next-generation cars, but it’s not going cold on internal combustion just yet.
The company’s R&D division has developed a Free Piston Engine Linear Generator that can convert gasoline and other fuels into electricity more efficiently than existing systems.
It’s a technology that could lead to lighter, more efficient, better-packaged powertrains for plug-in hybrid cars.