Thursday, August 30, 2007

Is Countrywide A Predatory Lender?

"I believe that banking institutions are more dangerous to our liberties than standing armies. If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around [the banks] will deprive the people of all property until their children wake-up homeless on the continent their fathers conquered. The issuing power should be taken from the banks and restored to the people, to whom it properly belongs. "
--Thomas Jefferson
to the Secretary of Treasury 1802


Many advocates of freedom who have warned about the power banks hold over the people. While I don't necessarily agree point by point there is little doubt that financial institutions in the U.S. have gained too much control over the economy. I ran across a profound Countrywide article at the New York Times. Unfortunately, it requires registration. The link above takes you to a login screen. But registration is quick and free. If this article is indeed accurate, Countrywide's practices are astonishing and disgusting. This is a must read for anyone interested in good newspaper journalism and the mortgage mess.
posted by TimingLogic at 8:48 AM

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