Everyone in the "chain"--from mortgage "originator" on up: loan officers, appraisers, rating agencies, CEO's and CFO's etc--were getting paid, up front, for "approved" loans, that were being sold to other "investors" (suckers??).Human nature being what it is, anyone who objected, was ridiculed and pushed out. Anyone who couldn't stomach it quit, but was easily replaced by any of a dozen more hoping to get onto the gravy train.
The trade literature had plenty, and I mean PLENTY, of people saying it couldn't go on, but the debt-financed buying (not just houses but everything else as well) was not only holding up the US economy, but the WORLD economy as well.
Punch up any newspaper around the world: Europe, Asia, South Am; exports are down, factories, mines closing, because Americans, the buyers of the worlds products, have run out of money . China and India going to rescue the world economy??? China's prosperity was from selling to the US, India's from outsourcing US jobs.
We're replaying 1929-32 over again; we've always debated whether FDR put in too much money, or not enough; this time we're trying more "money"...we just don't know whether today (as this is written) if we're in 1930/31 (still falling) or 32 (bottoming)
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Today's Featured Article - An Old-Time Tractor Demonstration - by Kim Pratt. Sam was born in rural Kansas in 1926. His dad was a hard-working farmer and the children worked hard everyday to help ends meet. In the rural area he grew up in, the highlight of the week was Saturday when many people took a break from their work to go to town. It was on one such Saturday in the early 1940's when Sam was 16 years old that he ended up in Dennison, Kansas to watch a demonstration of a new tractor being put on by a local dealer. It was an Allis-Chalmers tractor dealership,
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