Usually I discount claims of doom and gloom but it's now getting to the point where it's hard to ignore the signs that something very bad is happening to the economy. Some people are predicting things will get better by the end of 2009 but what if this is just the tip of the iceberg?
http://finance.yahoo.com/news/Toyota-projects-first-apf-13892463.html
Toyota projects first operating loss since 1941
Toyota projects first operating loss since 1941 due to slumping auto demand and strong yen
"NAGOYA, Japan (AP) -- Toyota Motor Corp. projected its first-ever operating loss since it began such reports, acknowledging Monday that its nine-year stretch of global vehicle-sales growth had stalled.
Crashing auto demand, especially in its key U.S. market, and the profit erosion from a surging yen proved too much for Japan's top automaker, which had been booming on the success of its fuel-efficient models, incluading the Camry sedan and Prius gas-electric hybrid.
Gloom dominated the annual news conference by Toyota's president, who in recent years had outlined ambitious expansion plans. This year, Toyota President Katsuaki Watanabe even refused to give a worldwide vehicle sales goal for 2009.
"The tough times are hitting us far faster, wider and deeper than expected," he told reporters at Toyota's Nagoya office. "This is an unprecedented crisis requiring urgent action.""
(more at the link)
