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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory
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To: Tommaso who wrote (37382)7/31/2005 3:09:02 PM
From: jackjc  Read Replies (1) of 110194
 
The thinking in the 30's was so different than now. I recall
my father who had 2 trades and was never off work during the
depression, was so afraid of debt he would never buy a house
or anything on credit. We rented for 20/mo 2 story small
house. When the 3 story large house across the st rented for
65/mo, we could not comprehend the high rent.

I got over the fear of debt and bought props in the 70's but
the banks were so careful at times. But then most banks went broke in Fla twice.

What I am reading about in res buying for 0 down and no
income proven is so foreign to what I went through, hard to
believe the banks do it but of course they package and
pawn it off with derivatives to make it 'safe'.

Will be interesting to watch this go its inevitable way
from a safe distance.
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