30 Years On, I think that “Postliberal” sums it up best
I don't think he's giving adequate weight to the damage which has occurred to the credibility of the rating agencies.If I can't trust the AAA rating assigned by an agency to a subprime pool, which would I trust the AAA rating they assigned to a pool of corporate debt?Confidence has been shaken in a whole range of "financial innovations." The concerns may be overdone, but they are not limited to subprime.
This was a VERY interesting paragraph:"Based on the higher value of his home, he can now borrow still more to cover all the monthly payments for the rest of his life at the higher rate. People like this came out ahead. They didn't come out behind."Why is it acceptable to be "in debt" all your life?I know people who will never own their houses free-and-clear, and will be paying student loans, etc... well into their 70s.This is the norm now, and I don't think you can convince me it is a good thing. Especially when the collective personal debt of Americans continues to grow, the dollar continues to fall, and the Fed prints more backed-by-nothing money by screwing with rates over and over....
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