Click here for a fantastic visual on our current auto market. By the way, the auto execs (from GM, FORD, Chrysler – 3 companies from which NO ONE under age 50 buys a car unless it’s from a relative on the cheap) testified before Congress yesterday in addition to the many auto dealers that were interviewed. One particularly pathetic interview was the Cadillac dealer complaining that he can’t get financing for his clients with 560 credit scores.
Now I want to know, who is the guy with a 560 credit score and buying a Caddy? That guy should be saving money, paying off debt, and straightening out his finances, not buying a $55,000 car – they should resurrect the YUGO for fools like him. That is EXACTLY what has been wrong with the last 8 years. No risk management in lending, no personal responsibility – and now the prudent are bailing out the foolish -AGAIN. One example I’ve used before to illustrate this: seniors who saved are earning 2-3% in the bank so that rates can stay low to bail out the fools. It’s too darn bad…
Chris Grande
