Writes Bill Sardi: "Ultimately, banks own mortgaged homes. When will we stop hearing former 'home owners' sob over the loss of 'their home' in front of TV news cameras when they put nothing down and have no equity? The lender made this bad deal, so walk away from it if faced with an upside-down mortgage and insufficient income to pay the monthly mortgage. So the real estate collapse is all about the banks and the value of money. If you have license to use $100 million in so-called paper-money reserves to loan out 10 times that much ($1 billion), and the source of the money wants it back, then fractional banking magnifies the problem 10-fold. If hard money were used (gold-backed for example) and no fractional banking then this collapse would not have happened."
