by chance: while I don't doubt that there're Wall St people who make their money the hard way, by earning it, they're not the ones that have us all in this mess... The mortgage/housing bubble was deliberately generated by Alan G and the Administrations in power to avoid a slump after the dot.com bust...when the fast-money guys realised all the usual mtg loan requirements had also been relaxed, corruption and fraud crept in, and when it was successful, became rampant (liar's loans and ninja loans, etc). Everyone-everyone-involved knew it couldn't last, but everyone was getting their money up front, laughing all the way to the bank. Now the end buyers suddenly realize they've got paper they know is worth less than it's face, but impossible to value, and everything is freezing up (little credit available, mainly to well-off people at high rates, the dollar falling into the basement, etc). The people who pulled off frauds that'd put you and me so far back in jail they'd have to shoot us beans with a .30-.30 have all gotten, and are enjoying, their juicy bonuses, leaving-guess who?-to suffer the consequences and pick up the tab.
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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,
... [Read Article]
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