<div dir="ltr">>>That risky loans became the de-facto standard of banking here is what got us to this point.    That only tells half the story. The push for this came from Clinton and was expanded on steroids by Bush II. They both expanded a 1977 Act to push mortgage loans for people with bad credit histories. Then in typical government heavy handed fashion they used the Justice (sic) Department to go after lending institutions that weren't aggressive enough in giving loans to people they knew would default. I promise, I'm not making this up: make the loan or go to jail was the attitude. Blame corporate greed all you want, it's an easy target. But don't discount the Feds forcing bad loans. Bush had to get all this money pumped into the system and he forced lending institutions to do it. So they gave money to people they knew would default. <a name="_MailAutoSig">Dean</a>   Dean May             cell 812.239.3359   PianoRebuilders.com   812.235.5272   Terre Haute IN  47802         -----Original Message----- From: <a href="mailto:pianotech-bounces@ptg.org">pianotech-bounces@ptg.org</a> [mailto:<a href="mailto:pianotech-bounces@ptg.org">pianotech-bounces@ptg.org</a>] On Behalf Of Andrew Anderson Sent: Wednesday, October 08, 2008 9:57 PM To: Pianotech List Subject: Re: the economy   Explaining how debt, especially mortgage debt and its high ratio  leverage, is the foundation of the banking economy is rather outside  the preferred topics for this list.  I'm not blaming the poorest  members of society for the meltdown.  I am blaming all the "investors"  who thought they could do more with loans that didn't have demanding  terms.  To be frank most (maybe 90% of the $s) are white who got  themselves into trouble with too many houses or too big a house.  That  risky loans became the de-facto standard of banking here is what got  us to this point.  As to politics, the policy was attacked by  democrats first and for good reason.  As with all well-intended  government policy, unintended consequences are what we all usually get  saddled with.   The main point is this, don't let the talking heads discourage you.   Your economy is the >-real-< cash economy.  Any parts of the country  where the economy is heavily debt based will experience more pain but  in general we are the engine upon which that debt based economy feeds  and there isn't anything wrong with us!  We can keep on tuning and  doing all the other side jobs we can rustle up.  We probably won't be  able to finance any of our jobs, but then how many did you ever  finance before?  Our clients are less likely to have difficulty paying  us on average then some of the other markets.  There will be some belt  tightening and the banking economy will get some much-needed sobering  up.   Andrew </div>