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That's what happens when your government dumps money into banks, which dump it into mortgages, to increase spending in a struggling market. It's like drinking
by Kenji 9y ago
That's what happens when your government dumps money into banks, which dump it into mortgages, to increase spending in a struggling market.
It's like drinking alcohol to ease the suffering caused by a mental health problem. You just make everything worse.
- lotsofpulp 9y agoNot a problem for those who already have assets and can ride the wave. Well, I guess not a problem as long as they have the cash flow to keep it going, or at least 1 non-leveraged home.
- mrec 9y agoMark Blyth is fond of observing that "The Hamptons are not a defensible position". Here in the UK we're finally seeing signs that the political worm is starting to turn. Partly a realization, growing for a while, that permanently excluding everyone who doesn't already own a home from any kind of financial security is maaaybe not the most far-sighted electoral strategy. Partly the shock of the recent General Election where the young actually voted for once. (I don't think they voted for anything helpful, in this context, but the mere act of voting means that their problems are suddenly being taken seriously in a way they weren't before.)