It comes as no surprise that with the market going up, everybody and Uncle Charlie are getting all giddy bullish and wildly optimistic. Even some of my colleagues are succumbing to the “smiley-face” atmosphere being peddled by two-bit financial bulls.
Case in point: Ford.
Look people, just because GM and Chrysler are biting the dust, doesn’t mean F will do well. All this optimism about F is excessive and nauseating. F is trading as if its competitors bankruptcy is a good thing, which is quite erroneous and misguided—at least in the near term.
Although they have not taken any government money, and they look to be the “survivor” of the Big 3, they are not in a position to steer their way through the financial morass of declining unit sales and the systemic earthquake that a GM bankruptcy will cause.
God bless them, but forecasting 10.5 to 12.5 million unit sales for 2009 is, well…..Cramer-esque! Try more like 9 million for a dose of reality. See, the consumer is not going to be spending money for a while, even if the Dow hits 10,000—what do they care? They don’t have a job, they might lose their job, and they can’t even get a loan. We should be buying Shimano instead.
Stop the nonsense!
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