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.