Gaping Holes In The Government's Retail Sales Report For April

``In perusing the details in the retail sales report, which is prepared by the Census Bureau -- meaning that the quality of reporting is highly suspect -- it would appear that sales of autos and auto parts drove the number.  The Fed and the Government have targeted auto sales and housing with printed money and the highly permissive availability of credit in order to manufacture the appearance of economic growth.   At some point there will be a tipping point at which the default rate soars on all this new auto, credit card and mortgage debt created over the past five years.  I believe the system has crossed that Rubicon and it will become quite evident over the next several months.''