When the music stops, in terms of liquidity, things will be complicated. But as long as the music is playing, you’ve got to get up and dance. We’re still dancing.
– Chuck Prince, Citigroup CEO, July 2007
We’ve seen this movie before, we know how it ends, and it’s not pretty. But I say that it has longer to run, and we have already paid the price of admission. So we might as well stay to the end. You just keep your eyes on the exit door.
– Tom Webb, Chief Economist at Manheim Consulting, January 2015
The junk being peddled around as auto loans has been well documented here and elsewhere, and links to several articles highlighting this troubling trend will be attached at the end. That said, what is so stunning about what we heard from an executive at one of the world’s biggest car manufacturers, is the willingness to call out the stupidity of what is currently going on. In the process, he shows how completely brain-dead and collectively insane everyone around him is.
Bloomberg reports that:
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