Until now, one of the few bright spots in the economy has been car sales (and not coincidentally, manufacturing). Until now, auto sales have provided the Obama administration with a partial fig leaf on the utter failure of their policies to restore consumer confidence, create jobs, and extricate the US from the mortgage markets and the failures of Fannie and Freddie. Recently, Barack Obama used Ford as the backdrop of a speech to declare that the government intervention at GM and Chrysler produced a rescue of the domestic auto industry and pointed to restored sales as proof. [...] Read the rest »
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