My title is more truthful than the facts-only-as-they’re-given-to-us title from Bloomberg, linked above. Regardless, this is big news. Not only is the Treasury, thanks to G.W.’s bailout plan for the Big 3 in Detroit, going to bail out the car manufacturers (Ford has been backing off, but don’t worry, they’ll take the handout eventually), but all the car loan and related industries as well.
This means that, whether you’re behind on your payment or not, your car loan might become property of the U.S. Treasury. You think it’s bad when the IRS thinks you owe them money? Wait until the Treasury department decides that the IRS and BATFE aren’t good enough and creates a new (undoubtedly fully armed) group of underlings to come collect from you.
That $30,000 car you bought and have been diligently paying on with your hard-earned funny money might become a liability. What if your neighbor is defaulting on their car loan and the agents the Treasury sends to collect get the wrong address and kick in your door instead (as happens fairly regularly with the BATFE)? That car loan could now cost you your life.
Ya, I know, I’m being “extremist,” but comon. This is what regularly happens when people forget to cross a “T” or carry a .01 on their tax return. It’s what happens daily when the ATF decides that your paperwork isn’t good enough or your business doesn’t seem “legal” enough. Remember, the new “bankruptcy laws” don’t apply to debt owed to the government…
So good luck, suckers. With the nationalization of the auto industry well on its way, it’s only a matter of time before you or your business come under the radar of the all-encompassing eye of the State. Will you get a “bailout” when it’s your turn, or will they be done pretending by then and just take over like they did in Communist Russia, China, and Nazi Germany?
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