Legal Commentary

Wall St. Down, Recession Fears Kick In

By Jeralyn

Yesterday's stock market gains didn't last through today. The Dow closed down today , due to fears of recession.

Two stocks that gained: Citigroup and Bank of America.

The AP has more on today's 200 point drop.

On a related note, GMAC told General Motors car dealers yesterday only people with credit scores above 700 will get new car loans. That's going to leave a lot of unsold cars on the GM dealers' lots. Cars the dealerships may own but be financing and paying interest on. How long can they hold out? [More...]

If the car dealerships go under, a lot of people will lose jobs -- not just in sales but in the service departments, including mechanics and the like.

While many car loans are now made through banks and credit unions, GMAC is still a pretty big player.

Full post as published by TalkLeft on October 14, 2008 (boomark / email).