As Merger Is Pursued, G.M. Sales Plummet – NYTimes.com
by Tom on October 30, 2008
in Market Musings
General Motors said on Wednesday that its global sales fell 11.4 percent in the third quarter, the latest sign of the growing problems that have led it into merger talks with Chrysler.
The sharp drop in vehicle sales is likely to increase pressure in Washington for the Bush administration to provide an emergency aid package for Detroit’s ailing car companies.
via As Merger Is Pursued, G.M. Sales Plummet – NYTimes.com
Why am I talking about GM and car sales on a mortgage blog?
1. Because the recovery of the housing market depends on jobs and if GM goes down, jobs will be lost.
2. Because GM sales are weak which indicates weakness in the economy and when economic fundamentals play into the markets, this would push downward pressure on rates.
Stay tuned,
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