Bill Heard Chevrolet – was this the first General Motors domino to fall?

What happens when large dealerships begin to fail in a large conglomerates distribution chain?

Several months ago one of General Motors largest dealerships failed. Regardless of reputation of the dealership should our crystal balls have told us that this may have been the first of many dominos to topple? Was this another effect of an overextended period of historic low interest rates that caused over consumption by consumers, over production by manufacturers, and over inventorying by dealers with each and every one of the groups over leveraging themselves along the way?

Cheap money leads people to being intoxicated with greed and to doing stupid things. Don’t we remember “Irrational Exuberence”, didn’t that term take two years to be realized and in saving us from ourselves wasn’t another bubble (or bubbles) created?

Thanks Mr. Greenspan! Over pumping the economy effected not only the housing industry, but every other facet of our economy and gave all the wall street rascals the opportunity to make gross profits buying and selling toxic paper from the greedy bankers. Don’t we all as citizens deserve a Harley Davidson or two in the garage and a stainless steel barbeque grill on every deck? This is a long way from a chicken in every pot!

The tragedy is that the cautious and fiscally responsible have been taken down right along with the greedy and irresponsible. It is sickening and those that throw the most blame at others somehow seem to be just as much at fault for letting this happen. Just look on Capitol Hill and it ain’t one party or the other!

Why could a guy that grew up in a rural environment and who spent 45 years in the “unsophisticated Mississippi redneck farmer” category have seen this coming, but our ivy league educated politicians, industrialists, and bankers could not?

None the less, it appears that another domino will be falling in the next few weeks in that it was reported yesterday that default was imminent for General Motors.

The net effect is that the downward spiral once started is difficult to stop.

Now figure this out! Bill Heard’s 28,000 square foot mansion was built five years ago:

The appraised value of the home, located at 1405 Big Eddy Court, is $7.886 million, according to Muscogee County tax records.

Yet, “had a $10 million mortgage signed in February 2004, according to the Ledger Inquirer”.

However, it is listed for sale for $18,000,000.00 in a community where the next highest listing is $2,300,000.00. Not comparables, but certainly quite a stretch for anyone in the immediate area to purchase.

Aren’t you sick of the foxes guarding the hen house in regards to banking, finance, and public policy? Have they all played on our own greed and irresponsibility to empower and enrich themselves and put our entire existence at risk? Is this what happened to the Roman Empire that caused it to disappear from the face of the earth? Promises of mini mansions for all and shiny new chariots while the coinage of the empire was debased?

If you happen to have a bunch of extra millions laying around and need a nice Mansion in Georgia, give my REALTOR friend Wayne Long a call, I just know he will be glad to help you negotiate the best deal possible.

If you happen to have anything left over, I will be ready to help you find a great Beach House in Gulf Shores!