The system of selling on commission only works where the seller has to work to make the sale. Widgets aren't easy to sell, you gotta talk people into it. Car salesmen have lots of competition, tough to make a sale. But selling money on commission is nuts- the customer already wants the product, and its the lender that needs to impose rules and conditions to keep from getting into trouble. Enter the mortgage broker, who only gets paid if a loan is made- so you've got borrower and broker conspiring to defraud the lender, and defraud they did, after the underwriting rules got loosened by Barney Frank and Company. Imaginary income, NINJA (no income, no job or assets), imaginary down payment, etc. If the old system of the loan officer being an employee of the lender had not been abandoned, the bubble would never have happened. The bad news is, the recession would just have come sooner, because the sad fact is that there just isn't enough work left in this country to keep everybody employed. The housing bubble and stock market bubble masked that for awhile, by creating artificial demand.
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Today's Featured Article - Grain Threshing in the Early 40's - by Pat Browning. The setting is rural Wisconsin, halfway between East Troy and Elkhorn, on Hodunk Road, our nation was at war, and I was 6, 7 and 8 years old. George was our "threshing neighbor." He was the one with the threshing machine, a JI Case on steel wheels, and he pulled it to our farm with a JI Case standard tractor also on steel. In those days, steel wheeled implements were common. The roads were general gravel, so the lugs cutting into them wasn't a problem. George would set up the thresher, s
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