by Bill Holter, Miles Franklin:
Have you ever seen something and thought to yourself “what a great idea?” I remember so many of these situations in all facets of life, let’s look at a few of these in the financial world and then look at the very latest brainiac proposal.
Just since the turn of the century we have seen program after program that was sure to “fix” the problem. “The problem” of course is at least twofold, our money is fake and too much of it has been borrowed. I can remember thinking during the Bush years what a foolish idea it was to order Fannie Mae and Freddie Mac to lower their underwriting standards. This of course was done to “help” people (who had no business or capability financially owning a home) buy homes and increase the percentage of home ownership in the U.S. I thought to myself “wow, what a great program!” Either don’t provide any financial information at all …or … just lie about it because they don’t require any proof or documentation at all.” Like my piece written yesterday from another vantage point, “what could possibly go wrong?”
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