The Big Lies shifts west to Detroit

GM reports wonderful numbers on auto production while stuffing its dealers’ inventory to all time high. 667,500 in inventory, 207,000 sold in February. Sounds like Greenwich real estate, to me, but there’s no government subsidy program, yet, for unloading Greenwich mansions.

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4 responses to “The Big Lies shifts west to Detroit

  1. JRH

    Turns out there are two government subsidies for unloading Greenwich mansions: tax-privileged capital gains and the mortgage interest deduction.

    • Capital gains tax is zero, admittedly, when there are no capital gains, but that’s not much good. And the mortgage tax deduction is known around here as a “tax mortge” because it’s capped at the first $1.1 and for the numbers we’re talking about, close to irrelevant.

  2. Global Macro

    The sales table is from February 2011

  3. Out Looking In

    Zero Hedge probably has this one wrong. I spoke to someone with a large position in GM debt who is familiar with the situation- and has looked very closely at it- and came to a very different conclusion. The debt is hedged btw, so no axe to grind or position to defend.