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Originally Posted by smutnut
I actually don't believe any of that. It's just like the "weapons of mass destruction" scare tactic that got us into Iraq. Qualified financial advisors don't know the answers either or there wouldn't be a crises. They just know to stick their hands out for more and more
people who don't have money shouldn't be getting credit wether it seizes or not. criminal organizations thrive all the time on giving out credit to the correct people and taking care of losers who don't pay their bills all the time.
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I hate to break it to you but pretty much everyone you know would lose their home if the credit markets completely seized up. No new mortgages; at least not without putting 50%+ down with outrageous terms. Mortgage coming due and you want to refinance; forget about it. No auto loans; cash only. Say goodbye to your credit card. Want that new fridge, washer, dryer from Sears; pull out the paper. Etc... Welcome to the past
Unless you were cash rich, which most aren't; you would be shit out of luck for any large purchase.
People think things are bad now. Take away the average persons ability to acquire credit and the economy would drastically shrink.
What you're failing to grasp is that it was main street that was bailed out.