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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory

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To: ild who wrote (348)	8/6/2003 11:49:32 AM
From: Silver Super Bull	Read Replies (2) of 110194

Interesting excerpt from today's Daily Reckoning concerning GM and its source of profits. The rest of the commentary is very interesting as well: dailyreckoning.com ""You're not gonna believe it," Tracy replied. "GM's mortgage operations produced a breathtaking $415 million in net profits, or about three times more than the profit from the company's vast, worldwide auto operations. Another way of looking at it," Tracy explained, "is that mortgage financing produced nearly half of GM's entire net profit." "So what happens to this so-called car company," your New York editor inquired, "when interest rates rise and the mortgage refinance market dries up?" "The so-called car company makes a lot less money," Tracy replied, "unless it can start making money selling cars again." Unfortunately, however, General Motors can't seem to make a buck selling cars anymore. "

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