Great news. Consumer credit SURGED in January. We blasted through the $2.5 trillion level. Car loans and student loan skyrocketed by almost $21 billion in just one month. Remember how I was wondering about all the new cars in West Philly? Here’s the answer. Ally Bank (GMAC in disguise) is making car loans of $35,000 to people in West Philly that have an average annual income of $16,000 and live in low income housing so they can buy Ford Expeditions. Imagine how smart all those people studying in their underwear at the University of Phoenix will be in two years when they graduate. Every dime of these $1 trillion in student loans are being covered by you. Obama is handing it out from your stash. Sounds like a sustainable economic model.
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DelMarVa's Premier Source for News, Opinion, Analysis, and Human Interest Contact Publisher Joe Albero at alberobutzo@wmconnect.com or 410-430-5349
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