A great quote from that article from our friends in Tennessee. People aren’t buying cars because their brains hurt from thinking about local politics. Good grief…
Grant Law of Newton Chevrolet in Chattanooga, Tenn., says showroom traffic has been a little slower than he would like. He thinks it might be related to the tight political race in the state between Rep. Harold Ford (news, bio, voting record) (D) and Republican Bob Corker, a former mayor of Chattanooga. “It’s consuming a lot of folks’ minds,” he says.
Edit: Roubini has an update from his post from yesterday.
“Tuesday Update: This morning data on consumer confidence, the Chicago PMI only reinforce my point that Q4 is headed to be much worse than Q3. And given the mismeasurement of motor vehicle contribution to GDP in Q3 the payback will come in Q4 as Ford and the other Big Three are slashing production. The housing and consumer durable recession is now becoming an auto recession and manufacturing recession too. And we are not even yet into a formal economy-wide recession that I do forecast to start in Q1 or Q2 of 2007″.
