May 25th, 2009

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First They Came for the Subprime Borrowers . . . .

Now it is the prime borrowers, the rock solid credit folks who -- had -- jobs, who find themselves facing foreclosure.

Everyone really ought to be required to take a macroeconomics course sometime, to understand how things are interrelated. If we studied physics like we studied economics, we'd say things like: "heating a balloon may or may not cause it to expand and pop because if we look at this based on what an individual molecule does, the individual molecule may or may not acquire sufficient energy to increase its motion. And even if it does, it might collide with another individual molecule and lose the excess energy."