Wow! Look at the very close correlation between GM's stock price and dealers' inventories, which is on an inverted scale. GM books revenues when the vehicles leave the factory and on the way to the dealer (dealer stuffing). However, dealers have yet to sell those cars, which is a good way to cook those financial books at GM but lousy for all those loyal GM dealers. What the chart is telling us is that Wall Street has finally caught on to all those "phantom" sales at GM. Of course, nobody (lemmings, that is) could have possibly predicted the reaction to GM's stock price by increasing inventories at dealers.
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