Robespierre

GMAC: Three Key Questions

Mr Kwak:
"If a loan to someone with a credit score of 621 was a bad idea on Monday, why was it a good idea on Tuesday? The only theory I can think of under which this makes sense is that GMAC thinks that loans to people with credit scores of 621 are profitable, but they couldn’t get the capital cheaply enough until they got their government bailout money."

Two things:
The reason why it is now a good idea is not that they got cheap money (they pay %8 on what they received). The real reason is that it is no longer their money (or the governments). It is tax payers money and I wish people will call it for what it is.
The second thing is that Treasury and the FED asked GMAC to lower their standards because they want easy loans available regardless of cost to the tax payers (IMHO).

Crooks and the incompetent run the country no other explanation needed.

Let GM Fail

And where were you when the tax payer was forced to bail out the financial industry?