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Some of you may recall last month (7/15/08) when Rick Wagoner said:

For liquidity planning purposes, GM is using assumptions of U.S. light vehicle industry volumes of 14.0 million units in 2008-2009 which are significantly below trend.
In response to this, I started a new thread, in which I said:

I question the accuracy of these assumptions for the following reasons:

First, GM is assuming Americans will buy 14.0 million units in 2008-09. However, last month, the sales rate was 13.64 million units and dropping fast. With Fannie Mae and Freddie Mac being taken over by the government, is it realistic to assume sales are going to start increasing?
Now look at the following chart I came across:



I again ask: does anyone really think "Americans will buy 14.0 million units in 2008-09"? If the CEO of General Motors cannot see this, I struggle to see why he should keep his job.
 
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