The Daily Feather — Paradise Lost for Auto Dealers
Peaking at No. 6 on the Billboard Hot 100 in March 1988, “Just Like Paradise” was David Lee Roth’s last big hit. His sole solo to fare better was Roth’s cover of The Beach Boys’ “California Girls,” released fresh off his departure from Van Halen. "Paradise" gave Van Halen fans what they craved from Roth: A song about the good life, with a similar feel to what he delivered with “Panama.” Brett Tuggle, who played keyboards and sang backup vocals on the Skyscraper album, co-wrote the hit. When he had the chord sequence and drums roughed out, he made a demo and took it to Roth’s guitarist, Steve Vai, who added a guitar part. After one listen, Roth bought fully in, committing the lyrics to memory by the next rehearsal. While “Paradise” was a smash leadoff single, paradise for the band was lost right after the album’s release. Just after Vai jumped ship for Whitesnake, Roth’s replacement, Jason Becker, was diagnosed with Lou Gehrig’s. By the time they landed Joe Holmes to fill the hole in time for the next tour, the 1980s grunge rock had faded.
Paradise doesn’t last forever in business cycles either. The Federal Reserve’s just-ending Too Tight for Too Long monetary policy has in the past created credit events while interest rate-sensitive sectors suffered the most. Yesterday’s disappointing Existing Home Sales, which tested August’s cycle lows, is a prime example. The details of Cox Automotive’s third-quarter Dealer Sentiment Index corroborated. Not even the auto sector’s self-designated cheerleader could put lipstick on the downside risks: