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Strategies & Market Trends : Booms, Busts, and Recoveries
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To: TobagoJack who wrote (44137)12/31/2003 8:37:13 PM
From: tom pope  Read Replies (2) of 74559
 
Thanks, Jay, and a very happy new year to you. You always have a different take on things.

My only response - not a rebuttal - is that bank lenders never believe that they have had enough. I used to be the Credit Policy guru of a New York bank and I can tell you that the guys on the lending side never learned from their lessons. We wrote off mucho LA term loans that were originally put on a LIBOR+1/4 because "that's the market".

Same thing in Real Estate lending. Except there it's always worse, the banks effectively take the equity risk, without sharing in the equity gains.
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