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    • Thu Sep 25th 10:31 AM | Rating: 0 0
      Commented on:
      The $700 Billion Disconnect: Lost in Translation
      I have this contributor on 'save' for his eloquence and acumen re both human behaviour, the political 'act' we all see unfolding - so revealing of congress's lack of real understanding - ("truly frightened by the fact these were the people in charge " ) . I too applaud Ben and Hank for doing the best they know how to do, far more ready with a solution than any of their 'grillers' ever thought about having. ( they're lawyer elitist, for God's sake; what could they possibly understand about macroeconomics? ) . Yes Hank Paulson is not eloquent...not, e.g , like your average, golf buddy, gated community 100K /yr car salesman, or million a year 'top real estate agent'. Thank God, neither of those two types are in charge of anything. Congress...approve the package and step away from these two guys, Hank and Ben; and shut the hell up.
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    • Wed Sep 24th 11:15 AM | Rating: 0 0
      Commented on:
      Don't Be Fooled - Short Selling Restrictions Do Work
      Excellent article -I'm tempted to say silver lining back lighting some dark clouds. I too was astounded to see such ire re. the temporary ban on short selling...at least long enough to reinstate the uptick rule; and perhaps add a few detectives (at the SEC ) to discover/ uncover collusion. Things are different now with, as one contributor described it, whippersnapper dufusii with a blackberry and a lunch break hitting the panic sell button as he sees his share price slide. We like to pride ourselves on being against the govt. - but they are applying every tool in the box to stop the slide/panic. I remember when the DJIA was below 8,000. Should valuations fall back to that? Would you still blame your current whipping boys, Paulson and Bernanke if that happens, and without any remedy it certainly will.
      When will any of us blame ourselves. We're the ones who thought we'd all move to Boardwalk and Parkplace with our Humvees, 50 miles or more from town....with our high maintenance women drooling over the Sex and the City designer outfits, and charging it all on high interest charge cards. Credit cards, by the way that your Congress approved laws that allow them to charge you 30% interest if you are late with another creditor? Or allow GMAC to repo your car for only 30 days arrearage,and sell it to Carmax , on a short sale, and legally be allowed to bill the previous owner the difference, and keep the 'profit' for yourselves?....Isn't this similar to short selling? Isn't this like "I'll borrow your car, without your knowledge, bash it up, then sell it, and keep the difference between its former value and the bashed up value?
      Yes...we hear a chorus of short sellers crowing about the valuable service they provide re. "true valuation". But trust me, the vast majority of us see these institutional short sellers as grand theft auto repo kings, snorting and chortling with slobbering greed and utter disregard for any 'weakling' who gets in their way to Boardwalk and Park Place.
      Keep boasting of your right to naked short selling, so we can identify you , round you up, and send you to camp......camp penitentiary.
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    • Wed Sep 24th 08:02 AM | Rating: 0 0
      Commented on:
      Market Meltdown: We Need Congress to Make This Right
      It's nice to hear some rational thinking from someone obviously old enough to be able to put things in perspective. Indeed the field has been plagued by millions of whipppersnappers with a 'blackberry and a lunch break who would panic at the first series of downticks kicked off, like the proverbial dominoes, by perhaps, borrowing ten thousand shares of someone else's position, then sell at a drastically lower, fire sale price, and then 'reap the benefits' of the short sale...and leave the original holder with a devalued portfolio. Isn't that a little like borrowing someone's car, without their knowledge, and then bashing it up, selling it 'as is' and then 'reaping the rewards' of your 'caper' ?
      I've heard an awful lot of cynical mockery and anger about the ban on naked short selling...I am making a stab in the dark here- but I am guessing that this outrage is coming from a million or more blackberry whizes who now have to hurry and cover their shorts?
      I'm also astounded that there would be so much resistance to the gov't's bailout proposal. I am guessing here also, it is more about congress diverting blame from itself to the current whipping boys, Bernanke and Paulson.
      I'd like to hear more from this contributor and others whether the Dow, which has swooned 4,000 points - whether it could fall another 4,000 with what appears to be political wrangling this close to election time? And why not fall to a DJIA of 6,000? My personal view is that we should not abandon ship at this moment in history. Buffet placed his bet on the table, and I encourage others to gird their loins also, and make a show of some modicum of courage-and, make for some gesture of 'this far down, and no farther' bottom. In a word, stop dumping shares out of panic. To quote another whipping boy of late, "Stand up and fight!" Show some hutzpah, goys and shiksas.
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    • Mon Sep 15th 22:31 PM | Rating: 0 0
      Commented on:
      Housing: Bigger Isn't Always Better
      By Jove, I think you've got it. You may or may not believe the community wide resistance to new developments. This town in particular grew from 5,000 ( I was born here ) to over 100,000. There are no expressways, or beltways to handle the traffic. That seemed to be the last consideration. There are many reasons-e.g. a sustained drought w/mandatory water restrictions, and it seems virtually all the developments 'boast' of "Lots starting int he low $200,000" Natives like me think "That's low? How long have I been asleep?" My home was $18k 37 years ago; and I'm still in the same house. This is just mind numbing. Add to that it seems there has to be a golf course, God forbid there's no gold course, which requires 40,000 gallons of water a day to maintain. Naturally all the lending institutions just adored all this filthy lucre flowing like a deluge into their coffers. Salesman became millionaires themselves with those prodigious commissions. So they all maxed out their lines of credit, as the bubble just grew and grew without end...almost a generation. Now, with no equity to draw on, no proceeds from equities; and sales , legal fees, and every ancillary home product provider you can think of contracting, and letting staff go. And here I am, never having felt the need to one up my 'associates", or my neighbors, or my fellow churchmen,...am sitting safe, sound and secure. Yes, it's a tiny house , yes I am a lowly blue collar worker ( shudder ! ); and own three cars, one 12 years old, one 37 years old, and one 57 years old, and a wooden boat I had the time and money to build. I highly recommend living modestly. Now if we can only encourage everyone else to offload the need to impress with conspicuous consumption...( fat chance!) . But it would be nice. Don't you think?
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    • Fri Sep 12th 11:55 AM | Rating: 0 0
      Commented on:
      Boeing Strike Seems More Like Corporate Terrorism
      The "engineer" said it most plainly and clearly. I would encourage the strikers to take a look at Ford and GM share prices. These once great American companies have been unioned to death. Most of the U.S. out here have never had good wages or benefits of any kind. We all have the right, and the obligation actually, to invest in a company and own a piece of it. An awful lot of Americans are dying and being maimed in war right now, so that we can share in the success of a company. We keep hearing about 'big oil' 'plotting and scheming to bleed us poor proletarians to death; but we don't hear much about the $200,000 a day it takes to operate one offshore rig. It's the same for Boeing. It is no small feat to take on the world's most complex projects and turn a profit. Yes, parts of the Dreamliner were outsourced...owing to the repeated strikes! This was your fault!

      This all by itself is enough to drag BA down into the penny stock class, ultimately to disappear from America altogether. Then where will you go with 'hat in hand' looking for work?...To Ford? they've already been striked to death. How about Snappy Hamburger Palace?

      This nation is in an economic death spiral. To strike Boeing now is egregiously unAmerican.
      To quote Abraham Lincoln: "Congressmen who willfully take actions during wartime that damage morale and undermine the military are saboteurs, and should be arrested, exiled, or hanged"
      BA has military contracts in the offing-the nation is going down like the Titanic...and machinists are sabotaging the company, and wanting more comfortable deck chairs. Trust me...most of the nation despises these striking machinists. You want to help this nation? Or are you only interested in your self interest? Then you are absolutely no different from the money lenders who wrecked the economy. You strikers are doing precisely the same thing. Say to your union bosses, "This is NOT the time to strike. We recognize this nation is at war, Americans are bleeding everyday and night...this is wrong. WE want to go back to Work." I assure you the nation will honor you like you would not believe. But you insist on this sabotage...you will forever be the jackasses you are making of yourselves...for all the world to see, and in all the history books for generations to come., when the young students ask, "What happened to the once great America?"....Yes by all means...you will deserve the ignominy . We would love to see you all 'let go'. We have no respect for you whatsoever. If you don't like this opinion, you can call 1-800-Crybaby.
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    • Thu Sep 11th 08:46 AM | Rating: 0 0
      Commented on:
      Thursday Outlook: Commodities, Emerging Markets
      The lobbyist remark hit the nail. I'm not sure the average joe understands how bad it has gotten. The surcease of all that filthy lucre flowing in the halls of congress can only help. I heard a local car dealer remark two years ago, that the repo rate for car loans, previously owned or new, was close to 23%...that's millions of cars on the lots of repo car brokers ( auto advantage, carmax? - "buy this care where someone else took the depreciation!" ) became a lucrative business. All we had to do was destroy the credit of 30 -40 million hapless souls who did not see the greed implosion coming. This repo rate was to "keep the dollar and the economy 'sound'? Protected from those 'vile defaulters'? What soundness? One company's precipitous demise comforts me, and that was GMAC whose arrogance exceeded their avarice, until they shot themselves in the foot; and are now licking that wound, and asking themselves, "Perhaps we ..sniff...went too far? I'm, sniffle, having difficulty finding a job wehre I get to wear my Armani suit and con the gullible" (Disclosure: I have in mind my neighbor, formerly raking in 100 "large' a year...who tried to sell me an immaculate CTS with moon roof...which turned out, I learned later, to have a blown engine ) Can you say, 'ethical conduct, boys and girls?
      Reform, ethical conduct...THESE are the words I listen for in the campaign blurbs. Perhaps a chant, "No more quid pro quo; no more quid por quo..."
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    • Sun Sep 7th 12:03 PM | Rating: 0 0
      Commented on:
      Defense Spending and the Presidential Election
      As a V/N vet, I can add a little bit of perspective-hopefully useful and as objective as this report is. WE won almost every battle, but lost the one re. the civilian 'stomach for war'. It was our first full scale operation against guerillas under the radar. Just as the intelligence ops were separate and competitive on 9/11, and since has become more homogenized-we are much better at CAS or close air support. Whenever and wherever there are ground soldiers, e.g. Afghanistan's rugged terrain -ideal guerilla topography-we have helicopter gunships, A-10 Wart hogs, and the side firing , night flying, C-130 ordinance platforms all standing by, hovering, and ready to spray fire on any one foolish enough to identify his location by his own muzzle flash. We recently even chased a group into Pakistan and obliterated them, much to the ire of Pakistan. The point being, if any of you watched both conventions, as i did, heard the 'this is not the time for young lawyers on training wheels" facetious remarks in St.Paul-please take note that our enemy is regrouping in Pakistan, and will certainly be profoundly encouraged by Obama's election. While the terminally idealistic like to think that appeasement, negotiation, diplomacy, & sanctions, all sound so very plausible-the simple fact remains that our enemy still thinks of us, Obama included, as "The Great Satan"...they have no intention of negotiating with Satan.
      In a word, we truly have lost the will to fight. And why not? With our iPods in our ears, our advancement to Boardwalk foremost in our minds, and busy painting our faces to attend the NFL game? We 'can't be bothered with the messy business of being at war'. As much as we would all like to close our eyes and 'cause it to disappear from view'...it ain't boys and girls! It just ain't. Nice try. I'm happy that you've found the moral high ground. Our enemy does not see you as standing on moral high ground...they see the egregious, unbridled greed that dragged the economy down the primrose path to the abyss we are 'enjoying now' - so we could all indulge our sopohmoric lusts for lots of 'stuff'. They see pornography and gambling on every corner, and the biggest customer for illicit drugs in the world...they feel a 'need' to destroy us.
      Thus I adjure everyone to focus on the final words of McCain's convention address...."Stand up and fight...stand up and fight...stand up and fight". Put it down, and step away from your iPods. We are at war. Remind yourselves that the dollar of 1965, when homes could be bought for $18K, is worth a dime today. Viewed from that perspective, this war is cheap. Remembering that more men were shot dead in a matter of hours at the Battle of the Bulge in WWII...this casualty rate is phenomenally low. Gird your trembling loins, and stand up and fight. OR...you could run home to mamaobama. "Protect me Daddy"...clue...h... ain't gonna protect you from anything. He's only one man. A young, idealistic, but inexperienced young man who stutters, and has a hard time finishing a sentience. he won't be able to finish anything.
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    • Sun Aug 31st 12:36 PM | Rating: 0 0
      Commented on:
      Questioning Obamanomics
      The author knew the title might draw the politically polarized out - interesting to read both sides; but by and large, the pro-bamaiites only remind me of myself in my halcyon 'college boy days' - meaning I was simply terminally idealistic.
      This is a real and dangerous world. One young idealist is not going to make much of a dent in the larger forces at play. It will take time, and huge partisan wrangling to get anything done; in the meantime, the markets will be more panicky, as described above. In particular, the dollar may lose value ( already too low for us old timers who remember when a home could be bought for $18K ! Can we agree that the dollar is worth about a tenth of its former worth based on housing costs alone? ) Market forces can abandon the dollar if they decide another currency is stronger. This can shipwreck any idealist plan of egalitarian economics-namely by way of the sovereign funds of Kuwait , e.g., wind up owning GE , Ford, and Boeing, owing to the exacerbated decline in value which may be brought on by all this "I have a dream" mentality.... In short, not to be too much of a dash of a bucket of ice water here, but Obama makes me think of the Fairy Godmother in the Disney version of Cinderella...where he will , by the wave of his wand, transform our 1989 station wagon into a pearlescent Cadillac CTS with moonroof, and take us all to the resplendent ball where we get all kinds of free stuff- stuff that churls like us don't ordinarily have access too, like those "war mongering , right wing religious republicans do"....."yea... da ticket"...In other words, this is about "Winning"...... is something lawyers do as wind up dolls..."presenti... the case for my being President'...it IS a popularity contest, vis Paris Hilton, where you tell the disaffected everything the disenfranchised like hearing...and vadda boom, vadda bing...you da president!
      .... This is a real and dangerous world....I personally dread an Obama presidency. If I turn out to be wrong, well save this comment, and rub my face in it 6 years from now; and I will humbly apologize. But for now, I am going with someone who has earned his stripes, and possesses a vastly wider experience and wisdom regarding the big picture.
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    • Thu Aug 21st 09:23 AM | Rating: 0 0
      Commented on:
      Is the 'Commodity Super Cycle' Dead or Alive?
      Excellent. I appreciate the thought and effort that went into this-some of it eyebrow raising. Thanks.
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    • Wed Aug 20th 09:32 AM | Rating: 0 0
      Commented on:
      Wednesday Outlook: Commodities, Emerging Markets
      Very thorough outlay of the big picture. Thanks. And I like the metaphor of a 'stampede'. ( the cowboys of old used to chase down and 'rope and hog tie' the leader to stop the stampede; and don't we wish there were a few of those brave souls now! ) A flock of birds, or a school of fish also works. So, we knew the economy would contract...so when the figures come in, "we" ( they?) wheel like a school of fish even though there is no shark, just photographers ( bean counters ) . I freely admit that i , personally am not in the loop, nor an expert - hence the moniker, 'simple simon'...but there are cash rich ( cash drunk ) sovereign funds, and others, 'poised' , as the last commentator said, to ameliorate or 'deflate' the current panic. For those folks ( sovereign funds like Dubai ) 25% loss of a trillion here and a trillion there, doesn't matter that much, if there is a hundred trillion remaining to squander somewhere. It's the small potatoes 'flock' that needs realistic assessments via 'big picture' analysis like this here. Thanks again.
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    • Sat Aug 9th 12:47 PM | Rating: 0 0
      Commented on:
      This Recession Will Be Neither Short Nor Shallow
      So many realistic forecasts that are not encouraging-and they are realistic, I must say that. Yes "we" have had a long spending free for all...( not me, and probably not you - not if you're in that category significantly below $40K/yr, as a vast majority are. )The point made above that making life a little better for the so called underbelly - those with day jobs, and I don't mean those with corner offices-can turn things around nicely. I anticipate the usual 'honeymoon phase of the new presidency' may be that corner we are hoping for. At the same time, I don't think it is asking too much to require every single corp exec to master a course in ethics. Over building millions of over priced, super sized homes, at 'jumbo mortgages' was NOT altogether ethical - but having a great deal more to do with unmitigated avarice and arrogant -I'm better than you' consumption. My point being, if we owe for a $750K home, several new gas guzzlers, a mountain of consumer debt, (treating our homes as an ATM machine for equity withdrawal, damn the recession, full spend ahead)..then when things slump, as they always do...it could not be anything else other than a steep, and frightening fall. I point to this after watching the gal on Good Morning America give her "Recession Rescue" report, of how to find good buys in upscale clothing at 40% less...still squandering $1500 on trendy garments and designer boots! Here is a kid, obviously born after 1973, and who doesn't have the foggiest clue what a recession really is!
      My point being we can all return to being 'normal'...that is, realize we're not impressing anyone with our $750K home brimming over with debt. WE can all just get real, get honest, get ethical, treat labor fairly...adjust if for inflation; it won't kill us-as the guy pointed out above...THAT is what will drive Wall st....working stiffs spending , but spending wisely. Bear in mind ( no pun intended), that the dollar, compared to 1965, when the minimum wage was $1.75 an hour...that the dollar is now worth one thin dime!...That means the minimum wage should be $17.50 an hour. Horrifying, you say. When really , it only means the 'dollar menu" at McDonald's, et. al...is totally unrealistic...their workers, part time, below subsistence, is the only reason they can offer food that dirt cheap...it's because the execs have no conscious, morals, or ethics...it's all about living in their $750 K homes, while the little grey haired lady serving burgers, can afford her medicine. When the CEO of McDonald's was asked about promoting his company in China with no human rights..he replied that commerce is his only concern. ...hmmm. I see.
      Screw the old lady. Torture the dissident. What matters is profit, and a golden parachute for me the CEO. And we wonder why we're falling, falling, falling.
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    • Fri Aug 8th 13:06 PM | Rating: 0 0
      Commented on:
      Detroit: Tow Ridiculous
      I have a 1951 Ford from back when they were still making cars as though needed on the field in combat duty-translate heavy-so heavy that going over a speed bump does not raise the car up! It gets about 14 to 16 miles per gallon. So...Detroit has had 57 years to improve fuel economy...how are they doing? The public, vis shareholders, are not going to be happy until virtually every executive at every auto maker in the U.S is let go-and I mean with no golden parachute. I mean fired!
      And while we're in the house cleaning mode, how about something besides the power elite governing the nation? Why does it have to be a lawyer? Do they know anything at all about being foreclosed? reposessed? insurance canceled so they can no longer drive? How is it any of these people know what is best for the people? They don't, actually. But like any self respecting lawyer, they do know how to make a murderer look like the victim. They do know how to come on television 20 times a day encouraging you to sue somebody, anybody...let's sue the hell out of everything that moves, any corporation with a lot o' dough....that will really fix it all up, huh? Either that, or it will drive every entrepeneur offshore, don't you imagine? Choose your president, and your representatives carefully this time. I think a few working stiffs might be helpful, frankly.
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    • Fri Aug 8th 10:17 AM | Rating: 0 0
      Commented on:
      Wake Up America, You’re Sinking
      My summer in Norway 5 years ago was an eye opener in many respects. I was astonished to see $7 a gallon gas even that long ago. Naturally, I saw few cars, very tiny ones at that, and fully adequate mass transportation...along with grey haired folks riding bicycles, and lots of walking...and healthy strong people I might add- not 2/3rds of them obese as Americans have become, I recently heard reported. Obese in part, owing to the fried food, and mystery meat -lots of fish in Norway-the purest spawning grounds for fish in the world, with glacier fed fjords mingling with the sea-and a mighty Navy, I might add, arresting and impounding any and all rusty-hulk fish poachers -one with a 50 mile long purse net, that took the Norsk navy 5 days to reel back in! ) That is to say, an unimaginably strict immigration policy and enforcement. Although they have their offshore rigs in deep water ( and the sharpest looking boats and seamen in the world ) extracting oil by injecting hot water into the sands below and pumping up that slurry and cleaning it up is not cheap. Something we need to think about before we dive into deep waters off our shores to do the same. The Norwegians are close to being socialist with their medical care system, and a hefty 25% tax on everything, even Christmas gifts required an original invoice for the purpose of taxing those items imported. So medical care is not free, is it?. And the one medical doctor I met lived in a modest duplex of less than 800 sq. ft just like all the rest of the working stiffs. Things to think about. Our American banks all adored raking in all that dough, as large scale developers built hundreds and hundreds of homes all exactly alike and the same color, by exploited illegal alien ( translate dirt cheap ) labor; in farmer's fields where not even a bulldozer was needed...huge homes far larger and with more bathrooms and garage space than was needed at all; but the point, you see, was maximum price, and maximum profit, and maximum interest, at a maximum rate of sales. It all looked so good on paper.
      well, so did the 'dot-com' IPO's, and their non existent profits, yielding millions in gains overnight.
      All this points to slobbering human greed and utter lack of restraint or mitigation of national identifying trait of one upmanship, conspicuous consumption. Did we really think that our $750K home would impress our friends and poorer relations? Or did it just foment resentment and envy and familial strife; in tandem with our ludicrous spending habits, only serving to drag everyone, including those who could never afford a home, into deep financial crisis?
      On Good Morning America just this morning, Aug. 8th, on their so called "Recession Rescue", the gals demonstrated how to go find 'bargains' in the brand racist clothing stores, where $2,000 worth of high fashion garments, like $120 jeans, could all be had at a savings of $500! Wow..whoopee. Only Robin had any voice of reason at all during this stupid reportage...asking how is it, and why is it considered 'smart shopping' if we buy a pair of jeans for over $100?
      Thank you , Robin...for the love of God, may we all return to something remotely resembling sanity and reason in this country before we are all body slammed into the poor house.
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    • Thu Aug 7th 11:06 AM | Rating: 0 0
      Commented on:
      The Cyclical Nature of Markets
      Love to hear voices of reason. Junior E&P drillers ARE good, in my view. It's unsupportable for their share price to fall, just because cooler heads are prevailing in oil futures...these juniors are still pumping oil, and still selling it at record prices, and will continue to do so. It's a good thing there are more smart people than dumb panicky active traders..the trend will go up again. That is just as predictable as a panic sell during a year of hearing the drumbeat of 'no so cheerful news'. It is the nature of the news media to be a very loud and repetitive bandwagon. I scolded Charlie Gibson for beating the fear drum...they eased off...and it helped the markets practically overnight. His economics correspondent who sits next to him for her reports was clearly bemused by the results of downplaying market fears. I think Charlie himself was puzzled/pleased at the result of downplaying all those vivid and terrifying graphics and 'stock footage' played over and over and over of every house in the world for sale , and gathering spider webs, and looking like ghost towns. Yes...we exploited illegal alien labor on the el cheapo..and over built, overpriced homes...that was just plain slobbering greed. That will take some time to get over. Now... a little less gas guzzling, and a little less square footage for our homes...so we can all move out of the Adams family neighborhood and back to Ozzie and Harriet's neighborhood. (wink )
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    • Mon Aug 4th 09:54 AM | Rating: 0 0
      Commented on:
      Moving to a Trans-Industrial Paradigm
      Sobering analysis 's ( such a plural? analysiii?) are difficult to read and digest. Like taking castor oil for our digestive disorder. Yet there have been realists , like John the Baptist', voices crying in the wilderness throughout this obscenely venal, you can have it all, "Flip It" Hummer Era" we have enjoyed, like drunken sailors on long overdue shore leave. Every generations has at least one prolonged day of reckoning, such as the one we are "enjoying" now, up to our Emmet Kelly necks. We will emerge. That too is a given we can bet our last farthing on it.

      Some of us recall being in the military, with our "Flight" ( Air Force Boot training ) brought to a company halt; left face, parade rest-and without a word from our drill instructor, encouraged to watch as bedraggled, wrinkled, filthy uniformed, no hat, no haircut, hair flopping like comb overs, as they shame facedly pick up cigarette butts and chewing gum wrappers. With the occasional, "Hey Sealed Beams...you missed a spot" being heard from the sharply creased squadron. My thinking here is that a few million 'what were you thinking' type executives should be paraded around like this, sweeping and cleaning, and repainting, and pot hole patching, with hot steamy tar on 95 degree days, for the whole world to see. Not beaten, not tormented, just humiliated for a few months incarceration; and then returned to the work force from which they came...like the desk from which they issued risky loans. I say this, for a guy in our Sunday school class who is a car salesman ( they can make $100K a year, people, selling cars with blown engines and not losing a minute's sleep over it! ) ..who when asked about the repossession rates, confessed that approximately 22% of all cars sales end up on the back of a repo truck at 3 a.m. for having missed as little as the Second Payment ! And THAT only because GMAC would NOT accept a partial payment, and demanded both payments at once on the next due date. This, of course, set you up for the 2 payments in arrears. This provided the legal right, at one minute past the second due date, at midnight, to come get the car, sell it to auto advantager, and carmax, for 50% its value or less..and the remaining balance owed, billed to the repossessee! Why? Simple...this is a fabulously lucrative business. but think, people!! think!...how long does it take for 60 million people to wind up the worst credit rating possible, and teh infamous subprime, translate usorious loan sharking...and thus completely torpedo new car sales? Had any one thought of the down side of this unbridled, ruthlesness? THESE are the folks we would all love to see picking up cigarette butts. "Hey bubble gut,plumber butt...you missed spot!"
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