Everyone in the "chain"--from mortgage "originator" on up: loan officers, appraisers, rating agencies, CEO's and CFO's etc--were getting paid, up front, for "approved" loans, that were being sold to other "investors" (suckers??).Human nature being what it is, anyone who objected, was ridiculed and pushed out. Anyone who couldn't stomach it quit, but was easily replaced by any of a dozen more hoping to get onto the gravy train.
The trade literature had plenty, and I mean PLENTY, of people saying it couldn't go on, but the debt-financed buying (not just houses but everything else as well) was not only holding up the US economy, but the WORLD economy as well.
Punch up any newspaper around the world: Europe, Asia, South Am; exports are down, factories, mines closing, because Americans, the buyers of the worlds products, have run out of money . China and India going to rescue the world economy??? China's prosperity was from selling to the US, India's from outsourcing US jobs.
We're replaying 1929-32 over again; we've always debated whether FDR put in too much money, or not enough; this time we're trying more "money"...we just don't know whether today (as this is written) if we're in 1930/31 (still falling) or 32 (bottoming)
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Today's Featured Article - Talk of the Town: The Saga of Grandpa's Tractor - by The following saga is from the Tractor Talk Discussion Forum. Someone. The saga starts with the following message: Hey guys I have a decision to make. I know what you all will probably suggest and it will probably agree with me way down inside, but here it is. I have a picture blown up and framed in my "tractor room" of a Farmall M. It was my Grandpa's tractor, of which whom I never got to meet. He froze to death getting this tractor out of the barn to pull a truck out of the ditch before I was born. Anyway my dad and aunt had to sell it at the auction,
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