Tuesday, December 30, 2008

We interrupt this Holiday Posting Hiatus to bring you word that the federal government is now apparently bailing out GMAC which--if you can really believe the sheer audacity, stupidity and recklessness of this--will allow GMAC to lower its lending standards to provide auto loans to those just a smidge about subprime.

It's as if George Bush is attempting to morph into history's most inept president ever (and this coming from someone who, up until the last four months, remained positive about President Bush).

Folks, this is cause for great alarm. The federal government is now providing federal funds to re-enable private companies to engage in the same type of loan practices which caused this problem in the first place.

2008 is ending in the bleakest of ways. 2009 is beginning even worse.

UPDATE: More here from the Market Ticker blog on the monumental ridiculousness of this GMAC bailout. We predict that this might be the act that really gets some major attention in the New Year.