“No money! No money down! Interest only! Low variable rate! No income verification! Bad credit? No credit?”
Thanks for the post. On some other thread someone thought that the Graham Bill allowing regular banks to make riskier investments to make more money was more of a cause. Obviously it is a big factor as well.
However - when a bank is FORCED to NOT make money (as with the CRA) on its normal business (loans at a naturally competitive rate) - it obviously needs to make up the loss somewhere else.
posted on 09/27/2008 3:56:53 PM PDT
(Ever Vigilant, Never Fearful)
No money! No money down! Interest only! Low variable rate! No income verification! Bad credit? No credit?
All I've been thinking of since compiling those notes is that instead of a run on the banks, there ought to be a run on hardware stores for ROPE.
There are only a very few methods which have shown effective in combating tyranny. We're on the precipice of having to institute such methods.
posted on 09/27/2008 10:15:28 PM PDT
(ABCNNBCBS: An enemy at the gates is less formidable, for he is known and carries his banner openly.)
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