2026 TeoTwawKi ... 2032 Darkest Interregnum Message Board

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Strategies & Market Trends : 2026 TeoTwawKi ... 2032 Darkest Interregnum

GLD 375.93

-1.8%

Nov 14 4:00 PM EST

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To: Lazarus_Long who wrote (29890)	2/25/2008 8:47:50 PM
From: Ilaine	Read Replies (1) of 217774

Wall Street has been lying to us for months. What's going on is that the financial markets created a market for fraudulent loans, and that's exactly what they got, fraudulent loans. There is a tremendous difference between subprime lending and ordinary lending. Subprime borrowers are stupid. They do really stupid things, and most of them got in terrible trouble because they were too stupid. Bet you didn't know there is a market for loans which have been discharged in bankruptcy (heavily discounted, of course). The people who collect on them count on a certain percentage of debtors being too stupid, too ignorant, too senile, too cowardly, in a hurry to refinance, whatever. I had a client who paid off his nephew's loan which had been discharged in bankruptcy just to stop one of these predators from calling him all the time. I wanted to go after them but he decided it was just too much trouble and let it go.

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