gold bear market cnbcYesterday’s auto sales report for September – led by GM’s 11% plunge in sales and incredible bloating up of dealer inventory levels – confirms my view that the economy is tanking.  
The dollar has lost the 80 level.  The world isn’t buying into the story being reported in the media by Wall Street and the President that the economy is improving.

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From Truth in Gold:

I have to say, Barack Obama is probably the biggest political sell-out in the history of the United States.  Anyone who voted for him and still supports what he is doing is either tragically brain damaged or pathetically naive.  That’s not to say the Republicans are a better alternative but Obama sold out his supporters like  plantation slaves in the 1800′s.

Yesterday’s auto sales report for September – led by GM’s 11% plunge in sales and incredible bloating up of dealer inventory levels – confirms my view that the economy is tanking.  Today’s ADP (Automatic Data Processing, Inc) Payroll report for September further confirms, as today’s payroll report was nothing short of disaster, with a big miss of the consensus estimate AND the two previous month’s reports revised downward sharply.  The dollar has lost the 80 level.  The world isn’t buying into the story being reported in the media by Wall Street and the President that the economy is improving.

I review this data plus three other observations in this article:  September Auto Sales/Tanking Economy.

I further expect that housing sales will follow auto sales lower.  September home sales data will start coming in three weeks.

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    • Yes, but this one is so relishing the Fall of the U$A that he deserves a little extra credit. 
      I voted for the ()&(%#& the first time, and wrote in a candidate in 2012! 
      FOOL ME ONCE, yada, yada, yada!

    • People are close to staging a revolt, if they hit the spending limit and don’t fund ebt and social security violence will break out.

    • Depriving the mooch class of their EBT bribes would be a real problem, especially in the big cities… NY, Chicago, Newark, Detroit, LA, etc.
       
      Oldsters are probably not gonna fix bayonets or charge police lines.  Not that a lot of them wouldn’t mind doing just that but many of them are unable to do it.  Anything that this group does will likely involve sabotage, acts of non-compliance, and passive resistance.

    • If Obama REALLY wanted to stimulate the economy, he would resign.  He is CLEARLY in WAY over his head.  But then, that’s what happens to people who manage to get a job for which they are completely unqualified.

  1. 20-30% of all US  auto sales are financed with sub prime loans made to the lowest rated borrowers.  Driving Miss Doozy.
      Just like the subprime student loan debacle where 18% of all student loans are 90 days delinquent. 
    The total balance of student loans is over $1 trillion and growing. Making loans to someone without a job and little prospect of getting a good paying job is idiocy.  But that’s our government  Sheesh.   tweedle dumb lending to tweendle dumber.
    RGR  Do I get a royalty on poster sales?. 
    Silver will work  LOL   In this lifetime if it’s ok by you
     
     

    • Lots of financial institutions are making very low cost auto loans these days.  I was in my local CU a couple of weeks ago and they had some posters up that were advertising 60 month auto loans for just under 2% interest.  That’s pretty cheap.  I did not check to see what down payment would be required.  I don’t need a loan to buy a car or truck but might if it was cheap enough.  That would leave more fiat for stacking.  :-)
       

    • @Ed_B I have been seriously looking and checking them out but won’t do anything till the end of the year or the beginning of next year as we may get some really big deals and I mean really big deals. Lol

    • @Marchas45
       
      I could not agree more, Charlie.  They say that February is the slowest car sales month of the year.  If so, then that should be a good time to buy.  They might even have some of last year’s models that didn’t sell that they would be willing to let go at bargain basement prices.  Every bit saved makes for a bigger stack.  ;-)

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