Tuesday, September 16, 2008

Ain't it Amazing!

Since the mid 90s, nobody on Wall Street (Moody's, Standard & Poors, Fitch Ratings) had a clue that unqualified buyers were obtaining loans on cars and homes, when lowly used car dealers were amazed to discover how easy it was to make sale-after-sale to different customers who were sharing the same social security numbers.
But then we had the local Real Estate and Mortgage sales professionals that found it profitable to look the other way and avoided making waves. Hold your nose and pinch your toes as there was money to be made.
Not to forget all the Big Box retailers that handed out Credit Cards with asking few if any questions.
So now we have a huge kettle of smelly fish and it looks like we legitimate Citizens and taxpayers are again getting stuck with holding the handle.
It looks as the days of reckoning are upon us and I'm mad as hell.


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