You were right to do so IMO.
What kind of dumb did anyone have to be not to see this coming? It is chilling to watch the lending concerns extend this type of credit options, then get bailed out by the federal government.
Why was this legal? Our whole economic system is chocking on the bad dept, and nobody is taking responsibility except in the end, the taxpayer. And I mean, in the end!
10-Year Note, Mar 117'26.0 1'27.5
yitbos
What will be the new debt consolidation classification for the shell game in the next 4 years, for the big banks, that is.
Bet ya all that money (debt) leftover from the the new CDO's etc., after the stock sell offs will be under a new name for sure.
Brokers do not want the average Joe selling off too as they need to maximize the returns on their sell offs. This is what the MSM is shilling for with the financial pundits on screen at this time. The big guys have to meet the margin calls now in attempts to cover the debt derivatives going belly up.
But even she avoided the truth of the matter with a ten foot pole. Banks were/are required to provide specialized loans in certain parts of many cities. Failure to do so is against the law.
Now last night I was watching a new report in which the group ACORN was talking to folks about their foreclosures and the lady who was talking was telling them, “It is not your fault, you are the victim here in a Predatory Lending scheme.”
So the liberals demanded and legislated we loan money or be prosecuted for discriminatory lending practices and now the banks are predatory lenders when those who couldn’t get the loans under normal circumstances default.