First the market tanks, then the reality of its predictions hit. Layoffs are on the increase suggesting that real estate and autos are going to permanent new lower levels. Let us hope that is the case.
The Statler Brothers song The Class of 1957 noted that one grad sold insurance and part time real estate. that is the way real estate was back then. the inflation of the 1870s and 1990s convinced millions, mostly folks well dressed without the benefit of a college degree, that they could make a full time living selling commission real estate, at a fat 6% commission. I suspect that for millions that is over. And frankly the 80/20 rule held, as best I could tell most of them were not really making a living at it but simply hung out an an office occasionally listing a property in the hope that someone else would sell it and they wold make some money.
The Motor Mile south of Austin or the SA dealerships spread along the freeways speak to overcapacity in autos. My guess is that GM's problems will give the Dem congress an auto company to play with as they pay to keep the UAW from going out of business. From that standpoint GM is depending on the UAW I guess to keep money coming from Congress.
Professor Elam 
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