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Saturday, May 23, 2009

US car sales fall

US auto sales fell 35% in may, meaning GM bankruptcy almost certain. This event will sink many auto part manufacturers who depend on General Motors. People are not buying cars like before and we are slowly sinking into a major depression. Forget about severe recession, that was last year.

Trouble in the Middle East means higher cost of oil, so many can blame pump prices for the fall in sales, but sales were already low in January, when gas was under $2/gal.