Zeev's Turnips Patch-No Politics (ZEEV)

[federal reserves]

Ford/GM cutting production.

Ford said it will cut third-quarter production by 15 percent to 810,000. The revised second-quarter production schedule is also a 15 percent decline from the year before.
General Motors said it trimmed 20,000 vehicles from its planned second-quarter production in North America to 1.37 million new cars and light trucks, which reflects the lost production from the closure of a tornado-damaged factory in Oklahoma City.

General Motors also said its planned third-quarter output will be 1.225 million vehicles, down about 6 percent from 1.307 million in the same period of 2002.
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Meanwhile Greenspan was in Germany saying the stock market was signaling a recovery was just around the corner. Auto's and Homes had been holding up the recovery, if homes start to tumble we could be in very serious trouble.