Why We Need a New Auto Finance Paradigm
If you think the subprime mortgage crisis created problems for the U.S. economy, get ready for the sequel.
Slower job and wage growth. Gasoline prices on a non-stop climb. A credit crunch that has caused banks to hoard cash as insurance against potential losses on securities backed by subprime and other mortgages. Economists fear these economic ills may carry over into 2009, when a second wave of disruption is expected to take hold as Option ARM mortgages originated during the last gasps of the real estate boom begin to re-set.
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