the credit markets remain essentially seized up, forcing the whole economy to continue its (in particular recently, ever more rapid, i.e. still accelerating) contraction -- which seized-up credit markets, as a particular example in point right now, make impossible any semblance of any conventional Chapter 11 bankruptcy reorganization of GM and/or Chrysler -- the private-sector debtor-in-possession financing needed for any such simply is not out there to be had, at any price (and even if it were, the terms would, given the broader economic mess at present, inevitably be classic harsh/costly 'loan to own' from the get-go anyway)
The credit markets are frozen...
I heard on NPR the credit markets are absolutely frozen solid.
GMAC is looking for 700 credit score before they'll lend on a car.
Some guy on the radio can't get a loan to buy a truck and AmEx slashed his credit limit from $11K to $250.00
I'm thinking if I bought my Ford today I'd probably need a platinum rating to get it financed.
no one is leadning period. They can't package even car loans now and sell them on the street.
Paulson's idea was to inject $700B into banks to free up the credit markets. Well guess what they are hoarding the cash like Scrooge.
wreaths-across-america.org
