[quote=patientrenter][
Why argue with SK in CV? I like his (or her) reasoning. Using it, I can now quit being prudent. I can buy the home I ‘deserve’, without paying for it. And I would like to own a Ferrari. Until now, I thought that would be a bit extravagant. But if I don’t have to pay for it, it’s quite sensible to go get one. I could go on, but I think you can see how SK in CV’s world is wonderful.
His argument is quite respectable these days. Ben Bernanke agrees, as does Larry Summers, and Tim Geithner, and Barney Frank, and so on. How is it being sold to the general public? Well, if we don’t do this, our banking system will collapse, and if that happens our economy will collapse. So there’s a good reason to do these things that are counter to our own commonsense. We troglodytes with our dull commonsense are too stupid to understand what these financial wizards understand. Never mind that these wizards were cheering as the bubble inflated and trillions in bad loans were being made.[/quote]
You think it’s all about the borrowers. It isn’t. It’s about the lenders.
