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Midwestern real estate discount broker (and proud of it), Technology Entrepreneur (working on it), student of History (let's all try not to repeat it) and extremely opinionated (usually correct) novice-economist following the 'Austrian School' of Economics.
I'm with Peter Schiff when he says: "He feels we need higher interest rates, not lower. And he recommends allowing bankruptcies to occur, and the liquidation of debt. “That probably means companies go bankrupt and people lose their jobs.” The Man Who Called The Collapse http://www.cnbc.com/id/27823932
You are wrong when you say "Only government can get in front of it and stop it" ... The fact is that Government got us into this situation with the help of Wall Street. They can not be trusted to get us out! You are dangerous when you say "I were a bank CEO or board member, I would (sic) scramble on chubby legs to make loans." You would have bankers violate their duties to shareholders by putting more fuel on an out-of-control fire, so government can 'bail out' your bank when it ultimately fails due to more risky lending? Your opinions are dangerous and wrong! I'm glad you are a mortgage broker and columnist and not a doctor. Here are 2 economic experts who are more-on target with their prescriptions, we should heed their prognostications: Peter Schiff http://uk.youtube.com/watch?v=pGHODRNJqRo Jim Rogers http://www.ft.com/cms/893ac9c8-757e-11dc-b7cb-0000779fd2ac.html?_i_referralObject=929363526&fromSearch=n
There is only one way out of this or any other recession: restore SAVINGS. Taxes are about to go THRU THE ROOF. Restoring credit will not fix the fiscal deficits caused by government and personal over-consumption. Skimp, Save, Plant a Garden, Carpool, STOP putting vacations on home equity. STOP using credit cards. All of these Government bailouts are only going to increase the tension when the final "Day of Reckoning" comes. Interest Rates are going to go UP by 2010. This will happen because no one in their right mind will continue to finance the US Debts & Deficits... The only thing that can change this would be a miracle of the International Financial kind. Thanks, Lou, for advice worthy of Art Laffer in 2006 ... and please watch this video: http://www.youtube.com/watch?v=2I0QN-FYkpw
