Easy Credit?
Now, we ALL are familiar with the term EASY CREDIT, but what does it mean for us? For some, it means a house, or a vehicle you wouldn't be able to afford normally, but for others (people like me), it means more toxic assets coming from pseudo-private/government entities. When the $700,000,000,000 bank bailout first came up, my thoughts immediately turned to the credit disaster that happened in the state of Mississippi in the late 1800s under President Andrew Jackson. The state of Mississippi was sitting on a surplus, but then Andrew Jackson created these PET BANKS that gave credit to ANYONE. People were buying up land on credit given out carelessly by the banks. This period of easy credit lasted for 4 years then the banks ran out of money and the entire system collapsed. All of the land that was bought with the credit given by the banks was immediately repossessed and the entire state, for a length of time, plummeted into a depression.
I am unaware how long the depression lasted, or if anyone was BAILED OUT, but I do know this; the incident I just listed above is never talked about anymore. The above incident should have been brought up the very second the idea of the BANK BAILOUT came up. It's almost as if we haven't learned a THING from history. Now the same thing is being done with Obama's CASH FOR CLUNKERS program. And it will end exactly the same way. Only this time it will be worse, since the funding for that program is coming from printed and borrowed paper money.