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Strategies & Market Trends : Mish's Global Economic Trend Analysis -- Ignore unavailable to you. Want to Upgrade?

To: Jim McMannis who wrote (64404)	3/13/2007 7:50:11 PM
From: LTK007	Respond to of 116555

<<Now Dodd got conn. is gonna make you pay for being responsible> i see this as doubled even tripled irresponsibility. The lenders and the borrowers and the buyers of debt owed to lenders . Here is one point, J.C.Penney built his business in significant part on the Lay-Away-Plan of purchase. Now he fought against credit cards intensely but he finally buckled when the rest of management said it was now a matter of survival for Penney's. J.C. then said in approving this he realized that he was participating in allowing the public to learn very bad habits that, he felt, in the long run would be ruinous.(Well some 60plus years later, i am beginning to see J.C.Penney's "ruinous" coming home to roost) Cripes it is now common practice to give out what are called Liar Loans. Borrowers tell you what they are worth and you accept them at their word. Read one figure that stated something like 60% double to triple what their actual income is. Point is, this irresponsibility is endemic in our easy money credit where the lender is driven by greed and the burrower by desire. It makes for one mad-as-a-hatter financial system, imho. Advertise wildly and at much cost to create desire that then creates demand at the lenders end to loan those that shouldn't burrow because of the lenders greed for more inflow. And create "insurance vehicles" by selling your loans yada yada yada and even more yada. O wow, we have then the greatest consumer population in history--o wow-NOT. O did i say i read this all in a book on "How to Build a House of Cards"(VBG:) Max