Burned Once–No Lesson Learned

July 22, 2010 -

If a child sticks his hand in a fire, or touches a hot oven range he quickly learns to never do that again.  Unfortunately the same cannot be said for U.S. industry.  General Motors, which is 61% owned by the U.S. government meaning we taxpayers today announced plans to purchase AmeriCredit Corp. for $3.5 billion dollars.  GM believes that the purchase will allow it to reach more people with faulty credit records.

Sub prime auto loans are the goal.  Sub prime mortgages were the primary cause of the financial mess the country is currently in, so now we are going to start sub prime auto loans.  Your tax dollars hard at work. http://noir.bloomberg.com/apps/news?pid=20601087&sid=aJkGAJ6PGK08&pos=3