Ode to Stimulus: Sept Auto Sales 'Abysmal' @ Annualized 8.8MM. Less than Last Year.

[ByLoSellHi]

September Auto Sales Go Clunk -- By: Henry Payne

When Congress gave away $3 billion for buyers to trade in their “clunkers” and buy new cars in August, lawmakers thrilled as buyers swamped showrooms to take advantage of the big discounts. “Cash for clunkers has captured the public’s attention. . . Full Article at National Review Online


http://planetgore.nationalreview.com/post/?q=ZDYwYjIwMDMwMjFmY2YzMWVjOTdlYTI4OGI0YjhiNjA=

 

[lrm21]

sobering stat indeed

In at least the last 33 years, the U.S. seasonally adjusted annual rate has only dropped as low as 8.8 million units once — in December 1981 — with records stretching back to January 1976.”

 

[ByLoSellHi]

Government interjection almost always distorts markets and equilibrium, with adverse long term effects.

This program was no exception, IMO.

To add insult to injury, and much to the contrary statements by dealers earlier, many of the people who traded cars in under this clunker of a program are now admitting they're having trouble with the payments on their new hoopties.

Gently used, one year old cars next year, anyone?

 

[jnorty]

buy sell we all know the facts you've been stating for months on end. MY QUESTION TO YOU IS DOES THE MARKET TANK TO 800-850 IN 2009?If the mkt doesn't react to all this negative news it matters little.the country is littered with millions of dead shorts who shorted too early.