{"id":382574,"date":"2018-10-27T02:44:52","date_gmt":"2018-10-27T01:44:52","guid":{"rendered":"http:\/\/rinf.com\/alt-news\/newswire\/what-a-bunch-of-idiots\/"},"modified":"2018-10-27T02:44:52","modified_gmt":"2018-10-27T01:44:52","slug":"what-a-bunch-of-idiots","status":"publish","type":"post","link":"https:\/\/rinf.com\/alt-news\/newswire\/what-a-bunch-of-idiots\/","title":{"rendered":"What a Bunch of Idiots"},"content":{"rendered":"<div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t                            \t<!-- S3 Cache --><!-- S3:S3:Non-Original -->\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/p>\n<p>Tell me this isn\u2019t crazy\u2013<\/p>\n<p>A few days ago the creator of the most famous consumer \u2018credit score\u2019 in the United States announced a major overhaul in how it rates borrowers.<\/p>\n<p>Consumers live and die by this \u2018FICO score\u2019. A high FICO score means that it\u2019s easy to obtain loans at lower interest rates.<\/p>\n<p>And a bad FICO score (in theory) means that you have a history of not paying your debts\u2026 hence making it difficult to obtain loans.<\/p>\n<p><strong>Did you know?\u00a0<\/strong>You can receive all our actionable articles straight to your email inbox\u2026\u00a0<a class=\"tve_evt_manager_listen tve_et_click\" href=\"https:\/\/www.sovereignman.com\/resources\/perfect-plan-b-guide\/\" data-tcb-events=\"__TCB_EVENT_[{&quot;a&quot;:&quot;tl_state_lightbox&quot;,&quot;t&quot;:&quot;click&quot;,&quot;config&quot;:{&quot;s&quot;:&quot;232&quot;,&quot;anim&quot;:&quot;zoom_in&quot;}}]_TNEVE_BCT__\">Click here to signup for our\u00a0<em>Notes from the Field<\/em>\u00a0newsletter<\/a>.<\/p>\n<p>Well it turns out there are tens of millions of people in the US who either don\u2019t have FICO scores at all (i.e. NO credit history), or they have BAD credit.<\/p>\n<p>So FICO decided that they would reinvent the way they calculate the scores\u2013 giving a big boost to people with bad credit.<\/p>\n<p>Virtually overnight, people who have a history of not paying their bills will immediately be deemed creditworthy.<\/p>\n<p>And poof\u2026 they\u2019ll have access to more debt than ever before.<\/p>\n<p>No offense, but what a bunch of idiots.<\/p>\n<p>This company is deliberately lowering its standards and pretending that people with a terrible credit history are actually top quality borrowers.<\/p>\n<p>Gee where have we seen this before?<\/p>\n<p>Oh that\u2019s right\u2026 just before the massive financial crisis ten years ago! It\u2019s genius!<\/p>\n<p>It wasn\u2019t even that long ago during the housing boom in the early 2000s that banks were doing EXACTLY the same thing\u2013 deliberately lowering their lending standards and providing loans (WITH NO MONEY DOWN) to borrowers with bad credit.<\/p>\n<p>Everyone was in on it. The big ratings agencies like S&amp;P and Moody\u2019s all played along.<\/p>\n<p>Even the federal government gave its seal of approval to&#8230;<\/p>\n<\/div>\n<p><a href=\"https:\/\/www.lewrockwell.com\/2018\/10\/simon-black\/what-a-bunch-of-idiots\/\">Read more<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Tell me this isn\u2019t crazy\u2013 A few days ago the creator of the most famous consumer \u2018credit score\u2019 in the United States announced a major overhaul in how it rates borrowers. Consumers live and die by this \u2018FICO score\u2019. A high FICO score means that it\u2019s easy to obtain loans at lower interest rates. And [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[519],"tags":[],"class_list":{"0":"post-382574","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-newswire"},"_links":{"self":[{"href":"https:\/\/rinf.com\/alt-news\/wp-json\/wp\/v2\/posts\/382574","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/rinf.com\/alt-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/rinf.com\/alt-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/rinf.com\/alt-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/rinf.com\/alt-news\/wp-json\/wp\/v2\/comments?post=382574"}],"version-history":[{"count":0,"href":"https:\/\/rinf.com\/alt-news\/wp-json\/wp\/v2\/posts\/382574\/revisions"}],"wp:attachment":[{"href":"https:\/\/rinf.com\/alt-news\/wp-json\/wp\/v2\/media?parent=382574"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/rinf.com\/alt-news\/wp-json\/wp\/v2\/categories?post=382574"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/rinf.com\/alt-news\/wp-json\/wp\/v2\/tags?post=382574"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}