It was reported today that automobile sales were off 30% by major manufacturers as measured against last year. I don’t remember seeing figures like that before. GM was actually down 16%. The cheerleaders would say that was a positive note. But, most everything else is down too. All we have heard for days is the credit market freeze. There is more to it. The consumer can’t go on. He is over-leveraged already. Then, you add the living costs; the power bills, gasoline, food etc. People cannot buy cars because they owe too much money already.
Wall St. gets the attention. Wall St. finances poliltical campaigns. After the bill passed the Senate tonight some politicans were saying it was not a bail-out bill. They were right. It was more of a welfare bill. I don’t have expectations of this 700 billiion plus producing desired results. The big question is: is there enough money to restore the economy to recent levels. There is more too it then the credit markets.