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Source link: http://archive.mises.org/8793/credit-spotting/

Credit Spotting

October 16, 2008 by

I’m finding credit all over the place. Tonight, while taking my daughters to dance, I noted a developer offering zero-down mortgages and heard radio ads for home equity lines of credit. It certainly seems that Columbus, Ohio is flowing with credit. Fiat credit, of course.


David October 17, 2008 at 8:07 am

I am still getting pre-approved credit card applications as a grad student. Seems that someone didn’t get the extortion memo that the FED and Treasury were sending out.

J. Chris Folsom October 17, 2008 at 9:07 am

I still get an average of 4-5 refinance offers a week. I wonder f it is a function of all of the construction that has happened in southern Delaware county over the last few years. There are still lots of empty houses, but I wonder if the same is true in other parts of Columbus.

Nick October 17, 2008 at 9:36 am

There are all kinds of credit offers and advertisements floating around.

The problem isn’t getting the offers, it’s getting the approvals.

If you’re eight foot tall and bulletproof (an old saying from my car salesman days) then you can get credit no problem.

Otherwise? You better have a decent score and a healthy down payment.

Which is how it should be.

Sid Luckman October 17, 2008 at 9:39 am

Like everyone else, I am still getting junk mail from people wanting me to borrow money from them. Last week I got a pre-approved credit card offer from Washington Mutual.

Ohhh Henry October 17, 2008 at 3:37 pm

Hey I spotted some more credit:


Banks and dealers’ overall direct borrowings from the Fed averaged a record
$437.53 billion per day in the week ended October 15, topping the previous week’s
$420.16 billion per day.

“The banking system is going to become addicted to this very cheap money.
Unwinding it will be very difficult,” said Howard Simons, strategist with Bianco
Research in Chicago.

Ohhh Henry October 17, 2008 at 4:04 pm

And now a message from our sponsor.

For they have sown the wind, and they shall reap the whirlwind: it hath no stalk; the bud shall yield no meal: if so be it yield, the strangers shall swallow it up.

Chad Rushing October 18, 2008 at 1:59 am

Regarding that article linked by Ohhh Henry about banks borrowing record amounts from the Fed, one has to wonder how deep this rabbit hole can possibly go and how cataclysmic the eventual, total collapse of this miles-tall house of cards will turn out to be.

Is this the period of history to which the Chinese proverb, “May you live in interesting times” specifically refers?

Carl October 19, 2008 at 10:02 am

It’s all a credit to our government, I am sure. Ha.

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