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Politics : Ask Michael Burke -- Ignore unavailable to you. Want to Upgrade?

To: Merritt who wrote (65213)	7/25/1999 11:07:00 AM
From: Joan Osland Graffius	Read Replies (1) \| Respond to of 132070

Merritt, >>you had to borrow money to buy a car. No-paid cash, my point was that there were not any banks where I lived that would lend money to buy an asset like a car or house. The original discussion was based on the change in reliance on credit to buy goods during the last 50 or 60 years. I was born and raised in the Red River Valley in North Dakota. We were fortunate as I can never remember my father borrowing one dime. When he bought something we would haul our stored crops to market and pay cash for everything. My father and mother lived through the depression and never kept any cash in the bank except for normal expenses, and these were few since the farm was self supporting. BTW, my father never tried to keep track of the cash in the bank since the banker would call the farm when the bank account was in need of cash and we would then sell grain to replenish the account. The banker never charged for over drafts. <ggg> I can remember that if some of the people in the small town that supported the rural economy wanted to obtain loans it would not come from the bank. I can also remember they would have to go to people with assets that could be turned into cash for loans. I was supporting MB's point that our credit system in America has changed significantly in the last 60 years. I do not have any personal experience on credit in the big cities during this point in time. Joan