bailout news
The politicians decided to steal money from you and spend it thusly:
http://www.washingtonpost.com/wp-dyn/con…
Washington sternly said that it would allow GMAC to become a bank holding company only if GMAC managed to increase its capital to $30 billion. When GMAC fell far short of that goal, Washington supplied some of the shortfall.
So, after the taxpayers shored up GMAC, how did GMAC use that money?
Immediately after GMAC became eligible for TARP money, GM reduced to zero the interest rate… on certain models. This, of course, penalizes GM competitors, including Toyota, Honda and other “transplants” whose cars are made in America by Americans for Americans, and Ford, which does not have the freedom of maneuver conferred by TARP money because Ford is not taking any…
GMAC has begun making loans to borrowers with credit scores as low as 621, a significant relaxation of the 700 minimum score the company adopted just three months ago as it struggled to survive. America’s median credit score is 723…
I’ve heard that arsonist heroin addicts are running short on money.
Maybe the taxpayers can help them out too by giving them more heroin, gasoline, and hints on starting fires…
