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Wednesday, February 1, 2012

The coming Car Bubble

You heard it here first. Bubbles are all the rage amongst predictors and pundits these days. They say that there are housing, gold, and bond bubbles.

But they missed the next one: the Car Bubble.

No to a housing bubble again because banks will not offer credit to most buyers. Over 1/3 of buyers today are cash.

But credit is available for everyone for vehicles. And used cars have gotten really used at this point in time.

Expect an explosion soon in car 'buying' or 'purchasing' (on credit of course) followed later by the explosion in repossessions and the birth of a citizenry that lacks not only resources but the virtual resources of credit too. Agamben! You did not think hard enough. The outcome is not bare life but hollow life.

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