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 - Old Time Threshing - by Anthony West. A lovely harvest evening late September 1947, I was a school boy, like all school boys I loved harvest time. The golden corn ripens well and early, the stoking, stacking,.... the drawing in with the tractors and trailers and a few buck rakes thrown in, and possibly a heavy horse. It would be a great day for the collies and the terrier dogs, rats and mice would be at the bottom of the stacks so the dogs, would have a busy time hunting and killing, all the corn was gathered and ricked in what we c
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