As horrible as it sounds, if this is true then its good for me. I was looking to buy a truck and if they get desperate to clear inventory I might nab a new one for low cost.
The article does point to something that is very true: the situation is not badly hurting just the big banks but also bussiness that depend on lending for their bussiness.
I work for a timeshare company.. a very big one. Things will get real bad for that company in the next few months. The customers are not buying because a timeshare is a really big luxury item and now nobody is even risking that... and the company relies on bank to loan them money to 'lure' people with discounted rates to hotels.. which are supposed to be paid off when one of 100 suckers buys a timeshare ....and that timeshare in turn is sold as a mortgage security to other banks and thats how they make revenue.
So... this company is literally getting its nut sack and its neck chopped off. Customers wont buy but gladly take the discounted rates to hotels...and banks wont lend them money to keep doing these discounts.. and on the other end they cant sell their mortgage securities because no bank wants to buy them now.
