{"id":14,"date":"2008-09-21T11:05:24","date_gmt":"2008-09-21T11:05:24","guid":{"rendered":"http:\/\/blog.beliefnet.com\/textmessages\/2008\/09\/we-forgot-that-borrowers-have.html"},"modified":"2008-09-21T11:05:24","modified_gmt":"2008-09-21T11:05:24","slug":"we-forgot-that-borrowers-have","status":"publish","type":"post","link":"https:\/\/www.beliefnet.com\/columnists\/textmessages\/2008\/09\/we-forgot-that-borrowers-have.html","title":{"rendered":"We Forgot that Borrowers Have to Be Able to Repay"},"content":{"rendered":"<div><a href=\"http:\/\/bigpicture.typepad.com\/comments\/2008\/09\/the-underlying.html\">Barry Ritholtz observes<\/a> that one way to look at the current economics crisis is as a five-year hiccup in our approach to lending.\u00a0<\/div>\n<div><\/div>\n<blockquote class=\"webkit-indent-blockquote\"><p>Over the entire history of human finance, the underlying premise of all credit transactions &#8212; loans, mortgages, and all debt instrument &#8212; has been the borrower&#8217;s ability to repay.<br \/>\nFrom 1 million B.C. up until the present, repayment ability was the dominant factor.<br \/>\nThis goes as far back as when Og lent the guy in the next cave a few dozen clamshells in order to go and purchase that newfangled wheel.\u00a0 If Og didn&#8217;t think his neighbor would be able to repay him those clamshells, he never would&#8217;ve entered into what we can describe as the first commercial loan.<\/p><\/blockquote>\n","protected":false},"excerpt":{"rendered":"<p>Barry Ritholtz observes that one way to look at the current economics crisis is as a five-year hiccup in our approach to lending.\u00a0 Over the entire history of human finance, the underlying premise of all credit transactions &#8212; loans, mortgages, and all debt instrument &#8212; has been the borrower&#8217;s ability to repay. From 1 million&hellip;<\/p>\n","protected":false},"author":32,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3,19],"tags":[],"class_list":["post-14","post","type-post","status-publish","format-standard","hentry","category-culture","category-money"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.9 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>We Forgot that Borrowers Have to Be Able to Repay - Text Messages<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.beliefnet.com\/columnists\/textmessages\/2008\/09\/we-forgot-that-borrowers-have.html\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"We Forgot that Borrowers Have to Be Able to Repay - Text Messages\" \/>\n<meta property=\"og:description\" content=\"Barry Ritholtz observes that one way to look at the current economics crisis is as a five-year hiccup in our approach to lending.\u00a0 Over the entire history of human finance, the underlying premise of all credit transactions &#8212; loans, mortgages, and all debt instrument &#8212; has been the borrower&#8217;s ability to repay. From 1 million&hellip;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.beliefnet.com\/columnists\/textmessages\/2008\/09\/we-forgot-that-borrowers-have.html\" \/>\n<meta property=\"og:site_name\" content=\"Text Messages\" \/>\n<meta property=\"article:published_time\" content=\"2008-09-21T11:05:24+00:00\" \/>\n<meta name=\"author\" content=\"Patton Dodd\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"We Forgot that Borrowers Have to Be Able to Repay - Text Messages","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.beliefnet.com\/columnists\/textmessages\/2008\/09\/we-forgot-that-borrowers-have.html","og_locale":"en_US","og_type":"article","og_title":"We Forgot that Borrowers Have to Be Able to Repay - Text Messages","og_description":"Barry Ritholtz observes that one way to look at the current economics crisis is as a five-year hiccup in our approach to lending.\u00a0 Over the entire history of human finance, the underlying premise of all credit transactions &#8212; loans, mortgages, and all debt instrument &#8212; has been the borrower&#8217;s ability to repay. From 1 million&hellip;","og_url":"https:\/\/www.beliefnet.com\/columnists\/textmessages\/2008\/09\/we-forgot-that-borrowers-have.html","og_site_name":"Text Messages","article_published_time":"2008-09-21T11:05:24+00:00","author":"Patton Dodd","twitter_card":"summary_large_image","schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.beliefnet.com\/columnists\/textmessages\/2008\/09\/we-forgot-that-borrowers-have.html","url":"https:\/\/www.beliefnet.com\/columnists\/textmessages\/2008\/09\/we-forgot-that-borrowers-have.html","name":"We Forgot that Borrowers Have to Be Able to Repay - Text Messages","isPartOf":{"@id":"https:\/\/www.beliefnet.com\/columnists\/textmessages\/#website"},"datePublished":"2008-09-21T11:05:24+00:00","dateModified":"2008-09-21T11:05:24+00:00","author":{"@id":"https:\/\/www.beliefnet.com\/columnists\/textmessages\/#\/schema\/person\/186e2b80f15c2a749e18f6781b9e4dbe"},"breadcrumb":{"@id":"https:\/\/www.beliefnet.com\/columnists\/textmessages\/2008\/09\/we-forgot-that-borrowers-have.html#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.beliefnet.com\/columnists\/textmessages\/2008\/09\/we-forgot-that-borrowers-have.html"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/www.beliefnet.com\/columnists\/textmessages\/2008\/09\/we-forgot-that-borrowers-have.html#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.beliefnet.com\/columnists\/textmessages"},{"@type":"ListItem","position":2,"name":"We Forgot that Borrowers Have to Be Able to Repay"}]},{"@type":"WebSite","@id":"https:\/\/www.beliefnet.com\/columnists\/textmessages\/#website","url":"https:\/\/www.beliefnet.com\/columnists\/textmessages\/","name":"Text Messages","description":"Christianity and culture with Patton Dodd","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.beliefnet.com\/columnists\/textmessages\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.beliefnet.com\/columnists\/textmessages\/#\/schema\/person\/186e2b80f15c2a749e18f6781b9e4dbe","name":"Patton Dodd","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.beliefnet.com\/columnists\/textmessages\/#\/schema\/person\/image\/","url":"https:\/\/www.beliefnet.com\/columnists\/textmessages\/wp-content\/wphb-cache\/gravatar\/ea6\/ea67ccdc30915dc0263069ec4253344bx96.jpg","contentUrl":"https:\/\/www.beliefnet.com\/columnists\/textmessages\/wp-content\/wphb-cache\/gravatar\/ea6\/ea67ccdc30915dc0263069ec4253344bx96.jpg","caption":"Patton Dodd"},"url":"https:\/\/www.beliefnet.com\/columnists\/textmessages\/author\/pdodd"}]}},"_links":{"self":[{"href":"https:\/\/www.beliefnet.com\/columnists\/textmessages\/wp-json\/wp\/v2\/posts\/14","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.beliefnet.com\/columnists\/textmessages\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.beliefnet.com\/columnists\/textmessages\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.beliefnet.com\/columnists\/textmessages\/wp-json\/wp\/v2\/users\/32"}],"replies":[{"embeddable":true,"href":"https:\/\/www.beliefnet.com\/columnists\/textmessages\/wp-json\/wp\/v2\/comments?post=14"}],"version-history":[{"count":0,"href":"https:\/\/www.beliefnet.com\/columnists\/textmessages\/wp-json\/wp\/v2\/posts\/14\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.beliefnet.com\/columnists\/textmessages\/wp-json\/wp\/v2\/media?parent=14"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.beliefnet.com\/columnists\/textmessages\/wp-json\/wp\/v2\/categories?post=14"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.beliefnet.com\/columnists\/textmessages\/wp-json\/wp\/v2\/tags?post=14"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}