Spending on cars at 25 year low

Denial in the auto business continues.

Detroit workers get laid off by the thousands last week.  But even more importantly, the statistics (thanks to Floyd Norris of NY Times for this story) that auto sales are at a 25 year low. 

Over the last 50 years, auto sales have averaged 3.7% of the gross domestic product, but this year it's down to 3.1%.