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Yesterday I was reading that car sales in September were down in the 25 to 30 percent range for auto manufacturers. Ford, GM, Honda, Toyota are in the same boat. Some of this is due to lack of consumer confidence, but a lot of it is due to banks not wanting to make the loans or unable to make the loans due to the financial crisis.
So unless the government can take the junk debt away from the banks, the banks will be able to issue less and less loans. Which means less people able to buy cars, unless they have the cash. So unless things get fixed, cash is going to be king...
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