[lbo-talk] Goolsbee: subprime was pretty groovy (in 2007)

Michael Smith mjs at smithbowen.net
Sun Nov 30 19:45:08 PST 2008


On Sun, 30 Nov 2008 22:02:28 -0500 "Max B. Sawicky" <sawicky at verizon.net> wrote:


> And in general looser credit is better than tighter credit, within
> limits that
> were obviously breached, but looser is the more liberal impulse.

In general, sure. But this wasn't a case of generally looser credit. This was a case of loose credit narrowly targeted at a specific purpose, namely amateur real-estate speculation.

Like any form of amateur gambling, this tends to enrich the house.

--

Michael Smith mjs at smithbowen.net http://stopmebeforeivoteagain.org



More information about the lbo-talk mailing list