Somewhere in the background, a White House spinmeister is busy telling the cross-dressing Fox News anchor (if he doesn’t, he should) that his viewers should chill about the $3.6 trillion deficit generated by her boss’ budget. “The average taxpayer knows that this is an investment in America that will reinvigorate the economy and, thus, generate new tax revenues and hey, presto! It will make itself disappear!” Or some such crap. The average person knows his or her government is out of control. They are also increasingly aware that GM is doomed. As I stated in last General Motors Death Watch, as the enormity of this collapse reveals itself (-$3,529,166.67 per hour) the American taxpayer will draw a line in the metaphorical sand. In fact, the coming tussle over the Detroit bailout could be the beginning of the end of Bailout Nation. We shall see. Meanwhile, lightly used Ford GTs are selling for $130K, a 2000 Ferrari 360 is going for $90K and today’s Maserati GranTurismo (or a Quattroporte) can be had for less than $100K. At the low end, prices are also slip sliding away. And yet, it’s still not time to buy. How scary is that?
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