Not necessarily….1,800 banks went out of business in 8 months in the summer of 1930…..most bankers (99%) are not nearly as smart as people would like to think they are. They're robot worker units with no personality mostly
I played golf with a "banker" a few weeks ago and he was a "True Believer" in the BS hype of this "Goldilocks" economy…..I just snickered….he wasnt even aware of the severity of the real estate meltdown thats already starting to occur. In fact !, the idiot JUST bought a new 900K home and STILL hasnt sold his original one, he was a little concerned because they havent even had one offer yet !!!….. Hows THAT for being "informed" ? …I'm pretty sure he wont be able to make both of those mortgages for too long….I sensed that in our conversations….
I spun a very small version of my real estate meltdown tale and his eyes lit up like he JUST saw the light !!..I gave him a homework assignment to check out a few web sites for his edification…..Heheheheee…..im sure he hasnt slept a wink since then !!…Fools I tell ya !!
Too bad really, he was a nice young man, but he's gonna pay up the wazzoo ……some will be kings, some will be pawns
