Ben Stein was on KNX news radio’s business hour last week and said that there is no sense to the negative reactions on Wall St. for the subprime and credit implosions. He stated figures that didn’t make sense to me, such as the percentage of defaulted loans was only 0.7 percent of all mortages. Like 1 in 147. That’s a far cry from what I’ve been reading. He also claimed that the money lost in just one bad (-300 pt.) day in the stock market was more than all the bad loans put together. So, he was saying why the fuss? I think he should stick to acting.
