WSJ: GMAC Asks for Fresh Lifeline
Really. It Just. Never. Ends.
At least now I understand why the goldbug investors think the way they do.
And remember, folks: I noted back in April that the brainiacs at GMAC ramped up subprime auto lending again. FICO of 600? Sure! Let us put you in a new car!
Cash for Clunkers? You betcha! GMAC was feeding at the trough on that one, too.
Seriously: When is enough ... enough?
And as the article above notes, the FDIC's on the hook for GMAC, too. It's backing $4.5 billion of GMAC debt from earlier this year ... and is about to back another $2.9 billion of issued debt for this pathetic excuse for a company. (Good thing the FDIC is already in the red. At least this way, they sort of know how GMAC feels.)
These days, all roads truly do lead to the taxpayer.
No wonder fiat currencies have such a fabulous track record.