The big difference was and is - back in the 30s, sound and strict lending practices were being used. People were losing their homes due to inability to make promised payments. The "New Deal" takeover that took place then, also opened the door to the mess we are now in. It enabled many associated with these banks to hand out mortgages with very few requirements. The true focus changed - from the 30s as a way to help people stay in the homes they were trying to buy - to the present - as a money making institution that reaps huge dollars for many closely involved, regardless if the institutions stayed solvent, or not.
Now, it's a toss-up. Allow the bail-out with newly printed money and suffer inflation and debt. Or, don't allow it, and see the economy take a nose-dive. Also, if the FDIC has to pay out huge sums of money, the government will print new money anyway and cause inflation.
My vote is - let the economy crash. This concept that our economy must grow by leaps and bounds every year or we're doomed is rediculous - it obviously cannot work forever. We need to find a way to succeed and survive in a more static economy since the world and society do indeed have finite limitations.
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Today's Featured Article - Restoration Story: Fordson Major - by Anthony West. George bought his Fordson Major from a an implement sale about 18 years ago for £200.00 (UK). There is no known history regarding its origins or what service it had done, but the following work was undertaken alone to bring it up to show standard. From the engine number, it was found that this Major was produced late 1946. It was almost complete but had various parts that would definitely need replacing.
... [Read Article]
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