I heard last night that the government has taken over GMAC, the lending arm of GM. The news was that now they can make low interest loans on automobiles. Isn't this what happened to the housing industry?
Of course they'll be able to offer low interest loans...this is the government, they don't care if they make a profit...they don't even care if they lose money as long as the loan was given without any discrimination. It'll be more important that they have the proper percentage of minorities and low income loans so that no one is denied a loan just because they can't afford it.
Driving a car will be a RIGHT!!!
I wonder what name will be hung on the new "Peoples Car"?
We'll now be able to buy the overpriced piece of crap cars that the government will mandate GM and Chrysler/Fiat build in order to keep getting bailouts. More NINJA loans to people that can't afford the payments, but don't worry, the loan will be guaranteed by the government.
They keep saying they don't want to run business, but right now gov't controls banking, the auto industry, loan companies and insurance companies. Soon to control Health Care, salaries of ANY company executive (your salary won't be far behind) and the States of California, New York, Vermont, Massachusetts and any other high tax liberal state that is going to need federal money to continue to prop up their social experiments (so much for Federalism).
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