Sunday, August 28, 2016

Of Dogs and Financial Crashes

Recently finished (and very much enjoyed) Charles Wheelan's latest book, "Naked Money," and, though not very mathematical, will draw this Sunday reflection from it:
" dog was offered a preapproved Visa card with a five-digit credit limit sometime around 2005. (I subscribed to The New Yorker in his name, W. Buster Wheelan, and some credit card issuer obviously bought the list.) This would suggest that the credit markets were out of control. The subsequent real estate bust would not have been nearly as catastrophic if financial institutions had not been lending to dogs, literally and figuratively."
[...makes me think, that since you as a consumer are given a FICO score, perhaps financial institutions ought be assigned FIDO scores ;-) ]

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