Hold up on the magical auto industry recovery.
Detroit “recovered” to well under the equity payback mark because of a whole mess of awful subprime auto loans. The G.19 reports revealed a massive increase in credit extension that drove the big Q4 that Obama is crowing about and the Republicans are idiotically saying “would have happened anyway”. Herp a doo: guys,we’re talking a whole mess of junk loans handed out with shoddy underwriting standards, bad servicing, securitization issues, etc.
Sorry. See you in 12-24 months when this is yet another disaster.
