Wednesday, Feb 13, 2008
The vicious circle that trapped America
The Times: Business News Article
It would seem that even the US are owning up to the fact that they have simply spent too much and that they will have to readjust...
Posted by orwell @ 08:22 AM (152 views) Add Comment
1 Comment
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1. lvmreader said...
The label "subprime" is just that. A label. And a bad one
What we face here is a mispricing of risk. Period. Especially to those who are overlevered
The idea that "unemployed black men in string vests sitting on a porch in Alabama" are the root cause of this is nonsense. That segment of the market was always dwarfed by the so-called "middle classes with good-credit" who just wanted that bigger house, better car, more exclusive holiday and more nights out at restaurants.