President Barack Obama and other stuff

Well the world has turned. Good luck and all the best to the new U.S. President. I don't envy his position but I do wish him well. And what a load of work the poor man has to do. The economy, Iraq, Afghanistan, etc.

Since I am a banker by profession or trade I can only offer this advise. Being from Canada, the U.S.A. has to better regulate it's financial instritutions. They have lost the assett of common sense - that is why lend money to deadbeats? This subprime mess was all a result of greed. Pure and simple. If one has a sub par credit history-most of the time it is an indicator that an individual is not paying their bills even when they are working, or they are abusing thei credit, or using their credit to supplement income. People-grow up! Save some cash-don't just spend it. I have seen way to many people refinance their assets to pay off credit cards. What do the idiots do? Crank up the credit cards again. This cycle of loans keeps banks happy in profits until there are no more assets to borrow against. And the consumer then goes under. You only need one credit card. Not twenty or thirty. Those with a stash of cash and clean credit (like me) will dicate what a banker can do - I tell my personal banker to get stuffed repeatedly - I have a line of credit, I don't need it increased.

The moral of this story-LIVE WITHIN YOUR MEANS-if you can't afford it don't buy it-If you want a $50,000 car-think about it-the bank will find a way, along with the car dealership-to get it financed for you. However, do you just want to work so you can drive and pay for a car? Higher payments than what you want and then what happens? You start using the plastic just to make your every day expenses. Maybe a $25,000 car would have been better. ( my car cost $20,000)

So all you bankers out there-don't get greedy-a smaller performing loan portfolio is more profitable than a large non performing portfolio.

Cheers and give me your comments.