Wednesday, October 28, 2009

More Autosprawl Subsidy, Make it Stop!

GMAC is the perfect example of the unity of the auto and sprawl -- autosprawl. Now the beleaguered U.S. workers cannot afford their car-only-accessible houses, nor their car payments, they are defaulting on their loans. The autosprawl system is melting, and the taxpayer must come to the rescue. But when we say "make public transit fare-free," we hear the moron chorus  "nothing is free" " who will pay?" "cannot afford it" ... blah blah blah. Let's get a grip, America.
Oct. 28 (Bloomberg) -- GMAC Inc., the lender that received two government bailouts totaling $13.5 billion, is in talks with the Treasury Department to receive a third lifeline...

GMAC posted a $3.9 billion second-quarter loss tied to rising loan defaults, including a $727 million deficit in the auto-finance unit. The firm also offers home loans through its Residential Capital unit, which once ranked among the biggest subprime mortgage lenders....

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