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)
We sell tractor parts! We have the parts you need to repair your tractor - the right parts. Our low prices and years of research make us your best choice when you need parts. Shop Online Today. [ About Us ]
Today's Featured Article - Earthmaster Project Progress Just a little update on my Earthmaster......it's back from the dead! I pulled the head, and soaked the stuck valves with mystery oil overnight, re-installed the head, and bingo, the compression returned. But alas, my carb foiled me again, it would fire a second then flood out. After numerous dead ends for a replacement carb, I went to work fixing mine.I soldered new floats on the float arm, they came from an old motorcycle carb, replaced the packing on the throttle shaft with o-rings, cut new ga
... [Read Article]
Latest Ad:
Looking for a minneapolis moline zts
[More Ads]
All Rights Reserved. Reproduction of any part of this website, including design and content, without written permission is strictly prohibited. Trade Marks and Trade Names contained and used in this Website are those of others, and are used in this Website in a descriptive sense to refer to the products of others. Use of this Web site constitutes acceptance of our User Agreement and Privacy Policy
TRADEMARK DISCLAIMER: Tradenames and Trademarks referred to within Yesterday's Tractor Co. products and within the Yesterday's Tractor Co. websites are the property of their respective trademark holders. None of these trademark holders are affiliated with Yesterday's Tractor Co., our products, or our website nor are we sponsored by them. John Deere and its logos are the registered trademarks of the John Deere Corporation. Agco, Agco Allis, White, Massey Ferguson and their logos are the registered trademarks of AGCO Corporation. Case, Case-IH, Farmall, International Harvester, New Holland and their logos are registered trademarks of CNH Global N.V.
