Once again I sit up late watching as much financial news as possible. I typically spend my entire day watching Bloomberg, CNN and host of others on the Internet. I may be crazy, but this bailout package, excuse me TARP, is just a misguided iceberg. Now the automakers are in it! Because of mistakes they made decades ago in budget planning, SUV's, Unions and just plain Fat Cats. Didn't you see the movie Tucker, about the man who created a car that threatened the big 3 over 50 years ago. Well here we are in the new millennium, Nissan, Honda and Toyota all building cars very successfully right here in the US. Sales are down, but they are doing well, running efficient, only make a few models. You know, specialize in what they do best, don't change the model too much from year to year and really don't build anything outrageously fancy. As I look down the street where I live, almost every driveway as a foreign car. They get better mileage, they are safer and I could go on for ever about the pros and cons for the automakers. I purchase my fist American car this past year in over 20 years. I DON"T LIKE IT. It is bulky, the instruments are like they are from the 80's, but I said I have to support this economy. Not sure why I said that, this economy would never support me!
I found out the other day that in order to get bailed out of a mortgage or other debts you have, you actually have to go into default. I find this very hard to deal with, I work so hard in writing mortgages for people that deserve them, they have worked hard to obtain good credit, have a good job and good savings. The idiot mortgage companies that are no longer here have left of trail of shit for us to pick up and of course take the blame for. I have had several past clients that I actually turned down or said, come back next year when you have done this. They didn't listen, they went to the mortgage company down the street without any morals or ethics, got a bad loan and now they are in default. Of course they ask if I can help them out, I do honestly try, nut usually in this market there is nothing I can do.
So now back to General Motors, apparently if they file for Bankruptcy they will be able to survive and the government will then give them money!?
How does this work again? Go in to default, screw everyone in your path, take a large bonus check while you can. YOU WIN! The government will then write you a check to save your dumb ass so you can do it all over again!
What should happen: The Government should make it mandatory the Japanese Automakers come in run the American Automakers. Show them a few things, how to build 4 or 5 cars perfect! Not learn how to build a model line of over 25 cars crappy!
What a market, and we did it to ourselves!
