[lbo-talk] definitive evidence on the housing bubble

[Dennis Redmond]

> A more likely explanation is that people cognitively frame their credit
> card debt in a way that minimizes the extent of that debt i.e. by
> concentrating on the marginal effect of every purchase ("its is just
> a few dollars") while losing sight from the big picture.

It's simpler than that. Speaking as someone who's broke, long-term
unemployed, and who had no choice but to run up credit card debts from
here to the asteroid belt (and that describes a good chunk of the US
population these days), there's nothing more infinitely depressing than
reading your credit card bills.

-- DRR