Booms, Busts, and Recoveries Message Board

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Strategies & Market Trends : Booms, Busts, and Recoveries

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To: Ilaine who wrote (16038)	3/3/2002 11:47:02 AM
From: AC Flyer	Read Replies (1) of 74559

Hey, CB, did you know this? "In the 1920s and 1930s, banks were permitted to cancel mortgage loans at any time. During the Depression - when banks ran out of cash and needed more - that's exactly what they did: Messengers bicycled around the nation carrying Western Union telegrams informing homeowners that they had 120 days to pay off their mortgage - or face foreclosure. The result: Millions of Americans lost their homes and the lesson - that you must own your home without a mortgage to make sure you'll never lose it - was burned into the American psyche." ricedelman.com Callable residential mortgages. I would say that this goes a LONG way to explaining the Great Depression. Forcing asset sales into an illiquid market is guaranteed to trigger Mq's self-reinforcing deflationary spiral.

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