Does anyone see the eerie similarities between “cash for clunkers” and “teaser home loans”?
Marguerite Quantaine wrote a letter to the editor of The Wall Street Journal, here is portion of what she wrote:
“With America still reeling from the collapse of the housing market brought on by teaser loans promising people homes they couldn’t afford, the government now comes along with a program that does for car ownership what was done for real estate.
Crushed cars. Loan defaults. Repossessions. No transportation to get to a loss jobs. It’s the next recipe for disaster that the experts, government officials, media and talking heads don’t see coming. I betcha.”
As for me I’m all for “cash for clunkers” this allows Joe the janitor to trade in his $1,500.00 car for a $40,000.00 car. Really, what can possibly go wrong.
File Under: To hedge my bet, I think I may purchase stock in car repossession companies