“We Only Need Tax Returns And A Financial Statement – Which We Won’t Investigate”…

Over the past month, I’ve documented the imminent demise of the subprime auto bubble.

All of the signs are there:

This, I argue, is 2006/2007 all over again only on a (mercifully) smaller scale.

With that in mind, consider the following anecdote submitted by a reader, presented here with no further comment:

I have a few accounts with TD Bank. I often frequent my local branch and enjoy talking with the branch manager. I stopped in Monday, and he asked me stop in his office before leaving. Upon completing our normal community lead program chatter, he asked me “Do you need $100k?”, after telling him no, and he knows better, as I am a cash guy. He informed me, that if they didn’t start loaning money, they would lose their rating. I accused him and the other banks of hoarding cash from bailouts, he agreed. But then he tells me,I call it the, we don’t care SB Loan“, basically a No Doc. Informed me, we only need tax returns, and current financial statement, which we won’t investigate

I laughed and told him I was having 2004-2007 deja vu.

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