GM Credit

Chickens coming home to roost

Dodd is out and Frank is history, however, there is no cause for alarm as Government Motors (formerly General Motors) will be keeping the subprime loan business alive and well!
GM Credit, GM’s new financing arm, is aggressively offering loans to car buyers who, due to their credit score, are ineligible for prime loans.

This will give a huge boost to Obama and other Democrats who are facing an extremely tough election. Once GM vehicle sales surge, the administration can take credit (where discredit is due) for their foresight in ‘saving’ GM, and, at the same time look like heroes to their base voters who can now magically ‘afford’ a shiny new car!

As in the housing subprime debacle, there will be a day of reckoning, buyers will default, cars will be repossessed, people will be without transportation, there will be a glut of nearly new cars flooding the market, all car companies will be damaged and the taxpayers will be asked to foot another bailout bill!

To plagiarize Reverend Wright, “the chickens will come home to roost”, however, not until after the election and not until the damage is done.

Vote with your head and not with your heart.

Virginia Sparks
Rotonda West, FL

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