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April 09, 2009
The Good Ideas Just Keep Coming
GM: Subprime lending? Great idea!While General Motors (GM) surely has a hangover from the credit crisis and faltering economy, it's hoping to cure some of the effects of that hangover with the hair of the dog that bit it.
GM’s finance division, GMAC Financial Services, is cutting financing costs and reviving subprime lending to speed up car sales and entice people back into GM showrooms. Subprime lending is the very thing that helped sink GMAC, and in turn, helped accelerate the parent company’s decline.
...GMAC’s loans will be made available for buyers of both new and used cars. Buyers can have credit scores under 620 -- this crowd being the subprime gang. Just the term strikes fear into the hearts of past and present derivatives traders.
What's next in this big, bold, brainiac Barack bowin' world ~ blocking the sun? I tell you, the sky's the limit.
And I, for one, am thrilled. To death.
Posted by tree hugging sister at April 9, 2009 07:34 AM
Comments
Twice in a half-hour interview, Mr. Holdren compared the current administration to being "in a car with bad brakes driving toward a cliff in the fog."
Fixed.
Posted by: Gunslinger at April 9, 2009 05:11 PM