A moment’s pause, if you will, to remember that the U.S. auto industry’s future depends in no small part on the “other bailout:” the $700b rescue plan for Wall Street. Motown’s sales have long relied on the art of the deal to move the metal. Bottom line: GMAC, Ford Motor Credit and Chrysler Financial all wrote a shit load of bad paper to keep the factories humming (not to mention GMAC’s ResCap mortgage unit’s adventures in subprime sugar). If the domestic automakers can’t tap into the bailout bucks to restore their ability to lend money to new car buyers, well, let’s call it an accelerant. While I cruise the internet looking for more grist for our metaphorical mill, I invite TTAC’s Best and Brighest to read the draft of the bill, or simply speculate, on the captive finance units’ chances of resuming louche lending practices. Hey. It’s what the President wants.
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