Friday, January 2, 2009

De ja vu all over again (again)

Isn't this how we got into this mess?

Let me see if I've got this straight. Stupid lenders make really cheap loans available to people who cannot afford to pay back said loans, who, in turn, shocking fail to pay said loans, which leads to the United States Taxpayer bailing out the stupid lender by paying off the loan they made to the person who couldn't afford the loan in the first place.

Thus it follows that the day after it received $6 billion from the federal government (i.e., you and me), GMAC would begin to "aggressively trying to draw consumers" back into dealerships with low-rate financing.

My friend Tom has a new theory that I call the "let's start by whacking a few of these guys and see what happens." Makes sense to me.

Tom doesn't work for the mob, but if he did they would make a lot more money and movies about the mob would be a lot funnier.

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