Two other articles caught my attention this week, neither of which warranted an entire post, but, both of which need your attention.
GM is now seeking new help from more financial institutions to assist GM in obtaining loans for GM customers who want to purchase cars. About 3 years ago, GM sold control of GMAC, it’s “in house” car loan business. Now, GM has a problem. About 40% of Americans are “subprime” borrowers, and if few banks will give car loans to those people, GM sells fewer cars. Government Motors’ solution…find institutions that will give a car loan to “subprime” borrowers, i.e., people who probably can’t afford a car loan. Haven’t we already been there and done that…with not the best of results?
Remember the President’s promise…if you are making less than $200,000 per year you will not see your taxes increase? Well, not exactly.
Of course, Social Security taxes and Medicare taxes (for everyone, regardless of income) have already increased, but, what about “income taxes”. Apparently, they are not safe either. On Tuesday, House Majority Leader Steny Hoyer (D. Md.) “suggested” that the deficit was so high that, maybe, the middle class would have to pay higher income taxes.
Gee, Mr. Hoyer, didn’t you think of that when you voted for TARP, Stimulus Part I, Stimulus part II, and, all of the things in the 2009 budget that Bush vetoed while he was in office? Who the heck did you think would pay for all of that government spending?