Wilbur Ross, don't screw it up, we are all counting on you.

Yesterday it wasn't just the Fed cut that made the bank stocks rally. That mattered because it will help one portion of the banks' biggest woes: the lack of margin on their loans. Obviously, it also matters as a way to avoid a severe recession, which is why the retailers rallied.

But I believe what was even bigger than the rate cut for some of these banks was the possibility that we would not have another round of big losses, this time from a lack of insurance, because the grave dancing Wilbur Ross indicated he is choosing a bond insurer -- or bond insurers? -- to save with a big investment or takeover.

These companies just can't raise the capital on their own. Despite their endless protestations, even the limited disclosure they have given us doesn't give you much comfort that they can get their paws on the money themselves.

Some of the smart money that tracks the car industry thinks total sales in the US could go as low as 14.5 million to 15 million vehicles next year, down from 16 million this year.

Investors like Wilbur Ross and former Chrysler president Thomas Stallkamp see car sales in America hitting their worst year in the last 15. According to Reuters, "Stallkamp, a partner at private equity firm Ripplewood Holdings, which owns several auto parts makers, said the market could slump to 14.5 million, the lowest level since 1993."

High fuel prices and a falling housing market are likely to cause a large drop in demand for vehicles.

It would be hard to underestimate the impact of such a drop on Detroit and the largest Japanese firms. It had been anticipated that GM (NYSE: GM) and Ford (NYSE: F) might get their North American operations back into the black next year, helped by favorable UAW contracts.

If pessimistic forecasts hold true, though, 2008 could be awful for Detroit.

Douglas A. McIntyre is an editor at 247wallst.com.