payment, and take longstretched-out instalment notes for the balance. They prefer this method, because the banks take their "investment obligations" off of their hands (of course at a big discount, but then they have a big profit), and they have to pay income only on the $500!
The Keeper Becomes the Landlord A few days ago my neighbour, the operator of a one chair barber shop, living in one of the "small-down-payment" cottages valued at $7500, finagled his small investment in the cottage down here where the melting pot is going on with a might, and "bought" a $20,000 home in the Hills, where only the rich are supposed to live. He must pay all costs of this mansion, pay the taxes (which are not so high a rate as his cottage, because the rich have a way of getting low renditions), pay for the repainting and repairs of the mansion (for the "articles of sale" provide that he must keep it painted and in good repair or the lien holders can do the work, and assess the costs against the "owner," which become a first note to be paid, and you pay or they foreclose, and you lose your little investment; and on top of that he must pay the premium on the $20,000 credit insurance policy the same articles of a sale demand, and they can pay the premium themselves, and present the bill to the "owner of the $20,000 mansion," and it too becomes a first note to be paid. Who owns that mansion? Certainly not the barber; perhaps his entire cash investment was not over $500. Then why the sale? The owners of that "mansion" did not want, nor desire the cash. Had they taken the cash, that pesky, snooping robber Uncle Sam, would have come in some fine morning and said, "I don't find where you reported the sale of that $20,000 mansion for cash!" But the dumb very dumb Uncle Sam, lets the big boys write the income rules, so they don't have to report the "investment obligations," only the cash they receive; yet the "investment obligations" are lying in the bankers' vaults, and are monetary values just as much as are the deposit credits (cash) in the banks. What the owners were looking for was a caretaker, a keeper in whose hands they could leave their valuable property; and instead of