GM Cuts 14,700 Jobs As Auto Bubble Begins To Burst
General Motors is closing 5 locations in North America and going to cut more than 17, 000 jobs.
This amid declining auto sales globally.
Wall Street heralded this as good news although it is skeptical whether it is. This could be a sign from GM that things are going to get tougher. Interest rates are rising making cars more expensive. The boom of the last 8 years is coming to an end as rates affect purchases of this size.
It is a move that was not unforeseen. The fact that many overlooked it means they were not paying attention. It is very similar to the 2004-2008 period in real estate.
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Now, we are being the beginning of change for technology and our lifestyle. Old systems techs will disappear step by step like GM
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