GM Teaches The Fed A Lesson

Following the government’s rejection of its turnaround plan, GM (GM) is holding a press conference to announce its new “Total Confidence Program.” 

You know, it’s one of these deals where they promise support to customers that run into financial hardship.

Introducing the program, GM VP Mark LaNeve said: Traditional levers like 0% financing no longer work.

Got that Ben Bernanke? You can cut and slash and quantitative ease all you like, but financing costs aren’t the issue. When people are looking to delever their balance sheets, even free debt isn’t appealing.

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