Clown-Free Zone... sorry, no clowns allowed Message Board

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Pastimes : Clown-Free Zone... sorry, no clowns allowed

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To: Mike M2 who wrote (94300)	4/15/2001 4:48:03 PM
From: Ilaine	Read Replies (1) of 436258

>>inevitable unwinding of the excesses engendered by the boom<< In plain English, you mean forced liquidation of assets at rock bottom prices caused by deflationary policies. Who benefits from a foreclosure sale? Everyone knows the only one who benefits is the buyer - not the seller, not the creditor. You say "malinvestments" so blithely, but you have no idea whether you are right or wrong. The words you use beg the question - if there was a bust then there must have been boom. Wrong. In the 1920s-1930s, mortgages were for 1 to 3 years with a balloon at the end, but everyone expected to renegotiate. When banks couldn't borrow money, they foreclosed and people lost prosperous farms, prosperous businesses, homes which had been in the family for generations, all because the credit policies they had come to expect were changed. I don't consider prosperous businesses and farms to be "malinvestments". The owners couldn't sell because no one had that kind of cash and no one could borrow. You may take satisfaction in that, I don't.

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