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Traditional Catholic Faith => Fighting Errors in the Modern World => Topic started by: Quo Vadis Petre on October 06, 2006, 12:25:50 AM

Title: Fractional Reserve Banking
Post by: Quo Vadis Petre on October 06, 2006, 12:25:50 AM

Title: Fractional Reserve Banking
Post by: student on October 10, 2006, 06:17:30 PM

I once had a low-level job at a mortgage company.  At the orientation (which took place 4 months after I started--awful co.), we were asked what a mortgage was.  When no one raised a hand, the trainer took a blank piece of paper, and wrote the word "mortgage" on it.  Holding it up, he said, "That's a mortgage."  He went on to explain that some companies make houses, some make paper clips, etc., and we "make mortgages."  He specifically said that a mortgage is nothing but a piece of paper and that mortgage companies simply specialize in making this particular product.