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To: Gerald Walls who wrote (233)	6/23/1999 2:09:00 AM
From: Heddon	Respond to of 963

Good points. I live in a town with a Wells Fargo branch. I happened to overhear a customer rep setting up a new account for a senior citizen. The rep informed the senior that you don't just have a checking account or a savings account but you have an investment account, which is an umbrella account for checking, savings, and investments (stocks, bonds, annuities). Kind of a financial dumpster. You're right - the lines have blurred. It's a slippery slope.

To: Gerald Walls who wrote (233)	6/23/1999 2:48:00 AM
From: ahhaha	Respond to of 963

You don't understand security laws or the history that led to them. If you were sitting and testifying in front of Congress during the '32 hearings about what caused the crash, you'd know what this is all about. It was a lot scarier than the McCarthy business. I assume you don't know what a non-recourse note is in real estate. It is "no money down". The banks encouraged you to assume a mortgage so that they could indirectly speculate in the real estate market and they were willing to do so without you making a down payment to secure the note. This is similar to no margin. It is a disaster for all who are involved and this was seen when the real estate market started falling apart. All you are saying is that financial institutions are out of control and all I am saying is that since this has been going on now for some years, the extent to which they have abused the basis of loan making must be outrageous. They don't even know how bad the situation is and neither does the FED. Or if they do, they are perpetrating the greatest financial disaster in the history of the world by covering it up. And I keep reminding myself that I heard Milton Friedman say that the FED was doing a good job. That itself has to be the sine qua non of evidence to the low level this era has sunk.