The latest realization is that aside from financial companies in peril, the auto industry is getting slammed.
Sales were off 34 percent at Ford, 33 percent at Chrysler and 32 percent at Toyota. Honda, which had fared much better than its rivals in the first half of the year, reported a 24 percent decline.
In 2007, nearly 83 percent of applications for auto loans in the United States were approved, according to CNW Marketing Research of Bandon, Ore. But so far this year, the approval rate has plunged to 63 percent.
Also, a recent report expects 1 in 5 auto dealerships to fail.
My Spin: After USA spends 700 billion dollars to "give" to financial companies, and after the FDIC prints money to cover losses it can't fund. What will this government have left to support "real" industry in the USA. Stop the bailout! Save some resources for the rest of the economy.