Let's All Bank With GMAC

GMAC wants to become a bank holding company so it can participate in the $700 billion banking bailout.

Apparently the deep pockets of Cerberus, the private equity firm that owns a majority of GMAC, aren't deep enough. And we all know that General Motors(GM Quote), which owns a minority stake in GMAC, doesn't have any cash to spare.

So it makes perfect sense for taxpayers to help out.
Why not? After all, Goldman Sachs (GS Quote) did it, and many insurers like Hartford Financial (HIG Quote) and Lincoln National(LNC Quote) are doing it too -- buying little banks so they can qualify for a piece of the taxpayer pie.

This is apparently the new American way. Companies screw up, get in trouble and then turn to the government to bail them out. No worries, the government can always print more money, right?

Let's all switch our bank accounts to GMAC. It's obviously a well-run business.