So far banks have either hoarded bailout money, spent it on shareholders, paid out billions in bonuses, or simply refused to lend to others - preferring to keep the money for their rainy day. Now we have banks foreclosing on builders with perfect records. I heard about this practice from an acquaintence, who had a couple million dollar loan called in despite making all of his payments. And he was liquid!
Anyways, it may be time for us to start thinking about what the Swedes did. They nationalized sinking banks, and made money doing it. Read the story. At the very least, it provides a negotiating tactic.
- Mark
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