Josh Sigurdson talks with author and economic analyst John Sneisen about the recent drastic drop in gas demand as people decide simply to stay home and not drive. Many are calling this “carmageddon” and it’s taking a massive toll on the markets.
This follows the crazy car derivatives market continuing to grow in size and scope with auto backed securities being issued.
As John says, the demand for borrowing money was skyrocketing through the roof and they were pushing all these loans so the banks could make more money. Now we’ve hit the peak and it’s going down hill fast.