> And in general looser credit is better than tighter credit, within
> limits that
> were obviously breached, but looser is the more liberal impulse.
In general, sure. But this wasn't a case of generally looser credit. This was a case of loose credit narrowly targeted at a specific purpose, namely amateur real-estate speculation.
Like any form of amateur gambling, this tends to enrich the house.
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Michael Smith mjs at smithbowen.net http://stopmebeforeivoteagain.org