But, you know, I'm pretty tired of that argument. Without getting into politics, where have we heard the argument before: "Well, getting in was a mistake. But now that we're in, there's really no alternative but to stay. There'd be chaos if we withdrew now." Yes, there would be.
But I wonder: Why aren't people who make such incredibly bad decisions (OK, I'm back to the mortgage mess, unless someone wants to read more into this answer) held accountable? And is it always best to say, "Well, now that we're in this quagmire, we have to stay in it"?
That's what I think.
2 years ago Countrywide was in big trouble ...
Remember, they were pounding millions into those branches that were failing the day after they opened ...
Did they really think they would get 65% of the local neighborhood mortgage business.? put that aside, did they really think they would acquire $5 million in savings and checking accounts per branch per month.? ... and they were getting ready to open up another 55 branches .... they didn't make enough money to support any singular branch and they were losing $255,000 a store per month.
I guess my question would be, how are they going to handle all of the Full Spectrum flack ....
For my part I hope this works out because if they go under we are all in HUGE trouble.
Bets wishes to Countrywide and B of A.
"The Real Estate Doctor"