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September 26, 2008
The economic “crisis" is not that complicated. The stock market always wants positive press to continue its trading, if not, speculators sell. Wow, what a surprise. Meanwhile the businesses that gave bad mortgages, and they don’t want to take the loss. A $10,000 loss on a house by a lender adds up over thousands of loans. But they can’t afford to wait for the capital to come back. They could liquidate much of these by selling at a cheaper price (free market go figure!), but they refuse to do this because the profit possibilities are amazing. I say sell them at a reduced price, get some capital, and quit whining. That is EXACTLY what the government would expect of the small businessman. Also, LOCAL (not foreign) investors would have a field day.
Posted by John Barfield
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