Seriously. All wishes are coming true this holiday season.
Stunning report from Bloomberg. The Fed simply declared GMAC to be a bank holding company. Why? Because doing so “would benefit the public by strengthening GMAC’s ability to fund the purchases of vehicles manufactured by GM.”
We are in strange times. Eat, drink, and be merry. While you can.
Update: Taxpayer Claus dropped about $23 billion in cash and guarantees in GMAC’s lap.
