Thoughts on Auto Dealers...
Car dealers have, in my opinion, always been at the bottom end of the business world in terms of reputation. It is funny how that is now changing with the protracted credit crunch. I have heard several times on CNBC about some poor car dealer that may have to close because of the crisis. It is funny how a source of derision is now a point of sympathy. This credit crisis is turning the world upside down.

One more point on the auto industry. The auto sales numbers for September were horrific. What's surprising is that anyone would find this surprising. The whole month of September was one painful slide into a credit abyss, and auto sales are mostly financed, so sales had to be terrible. I suspect all big-ticket items that are typically bought with debt will show similar dismal sales figures.