courtesy of NYT
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Source:
By Saying Yes, WaMu Built Empire on Shaky Loans
PETER S. GOODMAN and GRETCHEN MORGENSON
NYT, December 27, 2008
http://www.nytimes.com/2008/12/28/business/28wamu.html
"My formula for success is rise early, work late and strike oil." —John Paul Getty
Consumer Credit outstanding fell $14.8b in Sept seasonally adjusted, almost $5b more than expected and marks the 11th month in the past 12 of declines. At $2.456T outstanding, it is 4.9% below the record high in July '08. After a flat reading in Aug, (didn't fall b/c of the CARS program), non revolving debt outstanding fell by $4.9B. Revolving (mostly credit cards) balances outstanding fell by $9.9B. To fully put into perspective today's data, look at the current level of consumer credit (doesn't include mortgages, the biggest chunk of consumer credit) relative to GDP. As of Q3, it totaled 17.2%...
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December 28th, 2008 at 9:09 am
possesion is 9/10ths of the law
why not with the availability of cash like it was
let out contracts to hometown boys who buy from hometown yards who pay taxes to homecounty assessors with the help of hometown lawyers and why – because they were the hometown powerbroker
like Hank said (I’m paraphrasing) “once its created its everybody problem”
and to complete this posts circle “possesion is 9/10ths of the law” ie Debt