dumb investing...live on bread and water, page-50

All this talk about how lending as a business is evil and commissions for sales people are wrong misses the point that if competition is working banks are meant to be walking over each other to lend money - or they go broke.

Those sales people might not be able to count but they are adding value to the system by connecting the person to the bank loan. Something a dry boring accountant with a masters degree cannot do necessarily. The skills a financial planner and mortgage specialists need are not that far different from a sales clerk in the mall.

Also unscrupulous lending practices are not a problem thanks to modern bankruptcy laws. In most cases bankrupts walk away scot free and the banks will lend to them again after just a couple of years.