IF AT FIRST YOU DON'T FAIL, TRY TRY AGAIN

Roman Around ^ | 31 December 2008 | Andrew Roman

[andrew roman]

This time, I suppose, it's probably a good idea.

After all, nothing brings a recession to its knees like offering more bad loans to borrowers who can't afford them, right?

Just when you thought the vaults had been depleted of its stupidity reserve, here comes the latest bird-brained financier - GMAC - to tackle the cancer with a shot of typhoid.

From Yahoo News:

A $5 billion government bailout aimed at reviving General Motors Corp.'s ability to make car and truck loans has dealers hopeful that cash-strapped consumers will return to their showrooms.

GMAC Financial Services, the automaker's troubled financing arm, on Tuesday loosened its tight lending standards, which in recent months have made it more difficult for would-be car buyers to get loans. GMAC's move marks the first time that a financial institution has said it will use money from the $700 billion bank bailout to offer more affordable credit to consumers.

This bailout money sure is getting around, isn't it?

In short, we the taxpayers will be financing car loans for people who cannot, under normal circumstances, afford them.

Can I get a "yippee?"

The government funds, on the heels of the $17.4 billion automaker bailout approved by the Bush administration earlier this month, could provide relief to auto dealers. They have blamed the industry's steep drop in sales partially on a lack of affordable credit.

You caught that, I'm sure.

Auto dealers.

The economic recovery will not happen as long as bonehead moves like this continue to add fuel to the recession fire.

Pouring taxpayer dollars into corporations that should rightly be dead is repugnant.

-

[KoRn]

This is like treating a heroin addiction with.... more heroin.