Another sign that hard times are well and truly upon us with Toyota announcing that it has slashed its earnings by more than two-thirds, or 69%. Look at the numbers carefully. In the first half, it expects its net income to decline 68% to about $5.6 billion for its fiscal year, but it also expects that year-end revenue will decline 12.5% to $234 billion.

Equally as alarming is Toyota's announcement that there will be 673,000 fewer vehicles being produced.

The scary part is that this is the world's most profitable automotive firm. It's scary because what does that say about weaker companies like Ford and General Motors?


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