uncle bubba

What Does GMAC's Bond Exchange Failure Mean for Detroit?

I understand some people looking at the glass half empty and enjoy making a living selling short on bad news, but I prefer to see the glass half full and congradulate GMAC on becoming a bank holding company with access to the TARP funds. They will actually use the money as congress intended and put the funds back into the economy. It was the governments intent to infuse capital to loosen the credit and start the economy. Unfortunaley the banks chose to sit on the money and shore up the balance sheet without helping the economy at all. As much as Seeking Alpha wanted and has predicted the demise of GM you might as well set your sites elsewhere. The treasury has spoken and GM is here to stay. You'll have to short someone else now.