Of course, that downsizing of the balance sheets of Finance Companies is a substantial economic destabilizer ... there goes all those car loans for 100%+ the value of the car so that people that are over their head in their current car can get a zero-down-payment loan that buys them out of the loan on their current car.
Without access to those loans, a substantial part of the US new car market shifts to used cars ... where it is taking the place of the substantial part of the used car market that has vanished for lack of credit to allow it to be an effective demand. I've been accused of being a Marxist, yet while Harpo's my favourite, it's Groucho I'm always quoting. Odd, that.
