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Originally posted by Zerbst
If your lender takes away your assets in default, they have recovered sufficient collateral according to their original terms. How is it logical that they are to be further compensated by government bailout funds? If lenders are being offered this dual compensation, as well as sole discretion of determining credit worthiness, why wouldn't they tighten up lending? This is what I would like to see eliminated. A system that can offer this funding in a much more secure way. Considering that small business is by far providing the majority of jobs and tax revenue, protecting it's existence should be a much higher priority. Being at the mercy of foreign banks is suicide and that has now become reality.
In my case I was the entrepreneur who started my company with credit. I now, along with my staff, do NOT have a job because of the credit that was taken away from me due to unavailability. This is what I feel is exactly wrong with credit. The fact is that these conditions can be artificially created as a tool to redistribute wealth. All I am asking is that WE understand the possibility that this may very well be what is going on right now? If so, WE should find a way to make sure it never happens again. It's the least WE should do considering WE are the only ones being hurt by it.