Debt - Short Memories

[Casual Observer]

This, from a blog on this site, struck a chord with me, so I thought I'd extract and share it:

"Discussing the figures with a young economist, he opined there was "nothing to worry about" and that "debt is not necessarily a bad thing". Feeling like Methuselah, I asked him how old he was in 1991. Back came the answer; 12.

So, of course, he had no recollection of reporting on repossessions running at 1,500 homes a week right through that dismal year. He had never spoken to tearful former-homeowners who, in one case I recall, had lost their property because of debts run up to fund home improvements."

Edited October 30, 2005 by Casual Observer