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July 27, 2010

Government Motors Buys Subprime Lender

Posted by Dave Blount at July 27, 2010 11:10 AM

No one should be surprised that, having been absorbed by our collectivist government, GM is now applying Obamanomics:

General Motors Co., the automaker 61 percent owned by the U.S., is buying subprime lender AmeriCredit Corp. for $3.5 billion to help it reach more customers with leases and loans to borrowers with faulty credit records.

Remember 2008, the year Fannie Mae/Freddie Mac, with assistance from the Community Reinvestment Act, ACORN, and leftist lawyers like Barack Hussein Obama, managed to collapse the housing market, sending the economy into a tailspin? Now the same strategy will be applied to the auto industry.

Can't afford a car? Who cares? The important thing is your skin color — that, and keeping union members employed. Here are the keys; the taxpayer will pick up the bill.

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On a tip from Reiuxcat.