In yet more bad news for the second derivative crowd, today's announcement of a 9.3 million SAAR took the green shoot cheerleaders to the woodshed. Not only has this number firmly planted U.S. auto sales in the robust and $3.5 billion Chrysler DIP-worthy level of the late 1970's, but it has also proven that last month's SAAR of 9.9 million was as legitimate as the 2.2% consumer driven improvement to GDP. But all is not lost - now that uncle Obama is personally guaranteeing the installation and the bimonthly oiling and dusting of mufflers, hubcaps, and transaxle scotch tape for all hedge fund managers who buy Chrysler cars, it is only a matter of time before the millions of unsold Dodge Rams fly off the cargo docks faster than they can be sent to China to moderate Beijing's anger over holding millions of rapidly devaluing metric tons of one-ply U.S. treasury paper.
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