Just so you know, the subprime lending fiasco that caused the Great Recession is now repeating itself (on a smaller scale) with used car loans. The practices are so similar that its eerie - as well as outrageously appalling. Thank God that used car dealers (!) were exempted from the consumer protection provisions of the Dodd-Frank Act; otherwise, we might have been spared this repeat morality tale of humanitys unlimited potential for greed. We will police ourselves, said the dealers. To which I say, Ho, Ho, Ho, Ho, Ho. Did I mention, Ho? No doubt the car dealers, lenders, banks, securitisers, loan bundlers, and bond buyers are once again being bamboozled by crafty used car buyers tricking the lenders into giving them outrageously usurious loans they cannot hope to be able to repay. The poor and downtrodden appear to be so wily, skillful and unprincipled that I cant understand whey theyre not rich! The full story is in todays NY Times.
Posted on: Sun, 20 Jul 2014 20:18:37 +0000
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