One day after the Big Three auto makers left Washington DC in their private jets after being told they wouldn’t be getting any bailout money (at least not yet) from U.S. taxpayers, the financing division of General Motors – GMAC – has filed to become a bank holding company. Other finance companies have done the same thing, because being a bank holding company is all it takes to be considered a bank and thus be eligible to start eating at the bailout trough.
I have two piggy banks here, does that qualify me as a bank holding company?
OneMom
That’s no fair. If you have two piggy banks, then you get twice as much. I am going to buy three piggy banks so I can get more than you get.
Seriously, it seems these companies have one interest in mind and it isn’t our best interest.
Oh man! Well, Larry, we have a penny jar too, maybe that would count as our third “bank holding”.
Insane isn’t it. The greed is incredible. The UAW President is holding a press conference in Detroit right now, using words like
“devastation” and “inaction is not an option”. Why didn’t the industry think of that years ago when they kept building Hummers and Suburbans and producing cars with dreadful fuel economy? Toss in the choke hold the unions have on this industry, and the wasted money is astronomical.
It has been a no win scenario for several years. The auto companies and the union are both to blame for the position they find themselves in today.
It seems all companies are trying to get a piece of the pie. Become a bank, and you get some too!
Hey, I get all of your banks since we are “sharing the wealth!” hee hee
Dominique … hmmmm …. welcome to socialism?
Six friends of mine on Facebook have decided to form the Wickle & Associates Bank Holding Company. We’re putting in for a billion dollars.
I don’t have any real piggy banks, but I do have an old pickle jar that I use to store loose change, and the ash tray of the car is full of coins. Whoo-hoo!
The GMAC plan is such … ummm, … garbage! It’s exactly the kind of nonsense that makes me think it might not be so bad if they go under!
Sometimes satire and humor are the best refuge
in ridiculously serious situations, such as in the attempted federal government bailouts of private industry. I tip my hat to the previous contributors to this blog for making some good points via satire and humor when it seems that serious rational arguments against socialism
have been set aside or ignored.
Hi Raymond – good to see you. Feel free to add your piggy banks to the “bank holding company” being formed here!
Both of my kids have piggy banks. Does that count?
Frances – Sure! We’re building the “Piggy Holding Company”!
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