Thursday, October 9, 2008

The economic collapse: Where it all started.

Dave Simons (From KMOX “Dollars and Sense”) has uncovered a gem from the archives. Here's a copy of Dave's email that was sent out earlier today:

Good morning “Dollars and Sense” listeners,

This is legitimate, I found it on the archives of the New York Times. Notice the date, around 9 years ago. Pay special attention to one particular expert who was warning of the eventual consequences. Too bad nobody paid attention.

New York Times Article - September 30, 1999

Let me say that I think it’s noble, in theory, to allow more people to have access to The American Dream. IN THEORY. In reality, it just doesn’t work. I’ll never forget walking into a lender’s office as a young married man, very naïve to what it would take to buy my first house. I was politely told to come back when I could muster a 20% down payment. Let’s hope we’re getting back to those days.


P.S. I’ll be sending an e-mail later today on my thoughts of the current status (meltdown?) of the financial markets, with some eye-opening tidbits that puts this bear market near the very top of the worst in history. So does that mean we can only go up from here? Stay tuned.

David W. Simons, CFPâ
Vice President
Wealth Management Advisor
Senior Financial Advisor

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