Gennie Mo: New GM to Offer Public Option Car
by
Scott Ott for ScrappleFace
Now that the federal government owns 61 percent of General Motors the automaker plans to introduce a ‘public option’ vehicle as part of a sweeping plan to provide new cars for some 46 million Americans who lack proper transportation.
The new Government Sponsored Enterprise (GSE), dubbed Gennie Mo in a fashion reminiscent of Fannie Mae, will produce the low cost, high quality model to force private automakers to cut their prices and ultimately to guarantee the right of every U.S. resident to own a late model vehicle.
Rep. Barney Frank applauded the move and immediately introduced a bill that would require Gennie Mo to sell its cars to low-income citizens with no downpayments and no credit checks, at below-market adjustable interest rates.