As you know, we’ve been tracking the sub-prime auto-loan industry closely.
Our view is that this industry represents the worst of the worst excesses of our current credit bubble, much as the subprime mortgage industry represented the worst of the worst in excess for the Housing Bubble.
For this reason, we refer to sub-prime auto-loans as Subprime 2.0.
As you no doubt recall, it was when housing prices rolled over in 2006 that the sub-prime mortgage industry began blowing up. After all, the only...