As banks fail, mortgage defaults and real estate foreclosures skyrocket, the credit rating systems will face extinction
Marlla Guthrie
Apr. 1, 2007

The guy who tells you that he watches a number between 500 and 800 will soon disappear. As banks fail, mortgage defaults and real estate foreclosures skyrocket, the credit rating systems will face extinction. The financial meltdown will create legislation that will crack down on monitoring individual and corporate credit ratings.

As people lose their jobs, homes and declare bankruptcies in hundreds of millions all over the world, they will refuse to get sucked in by the credit rating based loans through credit cards, home equity loans and other loans.

This 1929-39 all over again. A generation is ready to become financially conservative. This is exactly what happened in 1929-39. For decades people refuse to get into debt again after losing all they had during the great depression.

As people refuse to buy on credit and take ruthless loans, the credit monitoring systems will become irrelevant. The legislation will be introduced to restrict predatory lending and sucking common people into financial slavery.

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As banks fail, mortgage defaults and real estate foreclosures skyrocket, the credit rating systems will face extinction
Marlla Guthrie
As people refuse to buy on credit and take ruthless loans, the credit monitoring systems will become irrelevant. The legislation will be introduced to restrict predatory lending and sucking common people into financial slavery...
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