Cut From GM, GMAC Uses New Strength To Expand

The Wall Street Journal reports on the modern day American fascist economic movement:

GMAC Inc., the former General Motors Co. finance company that was rescued by the government, is using its new access to low-cost capital and the rising prominence of its Ally bank to compete more directly with banks such as J.P. Morgan Chase & Co. and Wachovia Corp.

A key part of the aid GMAC got from the Obama administration was a green light to turn itself into a bank-holding company. That allowed it to expand its retail banking business, which now serves as a growing source of funds for lending,

No word yet from Congresman Dingell's wife on this one.