The Skivvy on SubPrime - This Is Why We Need Librarians

I don't own a home. I would like to but my income is insufficient to purchase a home in the California real estate market. I've seen shacks sell for $2 million plus so I don't feel too bad about not buying.

Liber8 is a newletter produced by the St. Louis Federal Reserve. In the September issue they are talking about the Sub-Prime lending situation.

I knew that the sharks were in the water. On television, ads in newspapers and real estate seminars playing up the latest foreclosure for profits gambits. I'm sure parallels are going to be made comparing 1929 actions and the Sub-Prime mischief. Specifically only putting up a portion of the value of the loan, only having paper based valuations of property and feeding off the ill informed for fast cash.

I'm trying to get a handle on the Sub-Prime mess. If it is anything like the tribulation we all experience in 2001 to 2004 I want to know so I can stock up on glass, aluminum and plastic bottles. I get the willies just thinking about those days.

Anyway - this is a primer created for librarians but anybody can read and understand the information presented. The newsletter was composed by the library staff of the St. Louis Federal Reserve Bank.