The other shoes are dropping...
Dealers are starting to go under. Bill Heard, a big multi-store GM dealer, went bankrupt today. A lot of subprime, non-performing car loans forced GM to cut off their financing.
Expect record numbers to go belly up as customer credit tightens and their own credit lines and factory financing arms find it hard to get and extend credit from third parties. And luxury brands like BMW and Benz aren't exempt.
A lot of folks were worried about the "End of Oil" era. Folks, at least here in the U.S., we're at the "End of Credit" era.
It's gonna be brutal.
BMW Bank just doubled my limit
on my BMW Visa. I guess that means I need to go out and run it up to the top, and be a good American, lol!
In other words, I think credit is not so frozen up as people think. It's just frozen up for the 30-40 to 1 leveraged investment banks and those with a 550 FICO, heheh.
Jim, you'll appreciate this
Way back in 1999, a prediction:
<a href="http://query.nytimes.com/gst/fullpage.html?res=9C0DE7DB153EF933A0575AC0A96F9582 60">New York Times Article</a>
There you have it laid out in black and white.
we should publish this ! its priceless ! 9 y/o but
so true and so precise. it was all timed to happen at the end of a Bush era.
Hey, this ain't so bad...
Car dealerships are finally getting theirs, the *******s.
Now colleges are worried the incoming class won't show up unless they can get their student loans. Maybe they'll have to drop their ridiculous tuitions by 50%. $40K a year for USC?
Maybe they shouldn't vote for this thing after all. Might be good therapy for the U.S. economy.
it's like a spending diet, and...
...it will be soooo good for the US dollar purchasing power!!!
Just think - BMW prices actually dropping? ;-)
Gas will be cheaper, too.
I am amazed at those saying that the 'bailout' should include something for 'main street'. Catchy jingle, but who's paying the bill? Dummies - where do they think the money is going to come from?
It like the old "let's split the dinner tab" cry of those who indulged and hope that others consent to pay for it.
Tuition fees are crazy now-a-days.
I remember paying $2200/semester for unlimited credits when I was doing my undergrad.<html>
<img border="0" src="http://members.roadfly.com/faisal_in_laurel/Sig2.jpg"></a><img border="0" src="http://members.roadfly.com/faisal_in_laurel/BMW*****2.gif">
It's all George Bush's fault
Wait till you see more of him and his buddies'..
places over there in Dubai! Haliburton is already there waiting for them.
Gads! A good article from New York Times?