For those of you who felt perhaps the financial world might have been lying about how they have learned their lesson and reformed their ways – this one is for you.
Sometimes you just have to sigh.
DETROIT (AP) — General Motors Co. will buy AmeriCredit Corp. for $3.5 billion, a deal that allows the automaker to expand loans to customers with poor credit and offer more leases, key areas where GM must grow to accelerate its car sales.
GM has decided that what it needs to ramp up sales faster is to increase the number of sub-prime buyers it can attract and do deals with, by offering those with low credit ratings financing on new GM cars. So it has bought the Texas based sub-prime auto loans specialist, Americredit. And this, in a world where although Wall Street is rocketing, unemployment continues its remorseless rise and house purchases collapse even further. While repossessions also continue to rise.
Sheer, absolute, financial Well-I’ll-be-buggered-ness.
didnt know wherte to put this titbit, wanted to pass it on … here's as good a place as any, excuse the irrelevance…….
"There is an estimated $730 billion in outstanding federal and private student-loan debt, says Mark Kantrowitz of FinAid, a Web site that tracks financial-aid issues — and only 40% of that debt is actively being repaid. The rest is in default"
http://articles.moneycentral.msn.com/CollegeAndFamily/CutCollegeCosts/the-555000-dollar-student-loan-debt.aspx