There was an interesting item on the news this morning. As a result of the current credit freeze the three major American auto manufacturers' and two major Japanese auto manufacturers' sales were down by 25% to 33%. Car loans have become nearly impossible to obtain.

We all know the story with real estate in the past year. Construction loans have dried up resulting in reduced new housing construction. Mortgages have become increasingly more difficult for buyers to get. Closings have all but disappeared since June...as a result abstracting orders have correspondingly been reduced. Without House approval of the legislation enacted by the Senate last night the situation is going to become worse. Many of the signing agents and abstractors will be closing their doors. Many already have.

They also televised video clips of Bush making statements over the past two years assuring that the economy was essentially strong. He apparently had never bothered to look into the impending sub prime melt down even though signs of the abuses were present.  The signing agents had seen them,  and have been discussing the insane loans they had observed  for several years on Notary Rotary . It was no secret.