Why Is GM Buying Americredit?

Is it April Fool's Day?

Why?

http://finance.yahoo.com/news/GM-to-Acquire-prnews-3767074419.html?x=0&.v=1

This is why I am so cynical about everything. After all that we have known about sub prime and high risk lending, all of the right offs, charge offs, and foreclosures. Why is GM a company that was propped up for years by the government, a government that still has some $50B invested in GM, buying a sub prime mortgage company? Are we right back to the days of 2005-2006 when Lehman, Merrill, and other banks were buying sub prime outfits? Why are we continuing to leverage credit when the American consumer is deleveraging.

This country has lost its marbles.

GM is going public and the pressure to pad its books is great. They can't afford a bad IPO, so the Bankers are just window dressing the company. I guess the bankers have never heard of GMAC?  Its just more fees for Wall Street. More fees for takeovers that should never happen. More destruction of capital.

Isn't this deal so convenient? I mean it comes right after the Auto Dealers were exempted from the Finance Reform bill? This was outrageous! If there is one entity that purposefully rips off the consumer its the Auto Dealers.

How long do we have to extend and pretend? How long will we keep stuffing stuff under the rug?  When are we going to learn that the middle class is a dinosaur? The honest vibrancy of the middle class has been totally wiped out. This is the class that matters and you can't run the country via sub prime lending.


The Auto Lobbyists have done a great job of explaining to Congress that they are a big part of the middle class and that regulation will only harm the middle class. This is totally farcical.

I am cringing at this announcement. I am speechless. This announcement only makes me more diligent in my opinion that there is no hope for this country.