Rhett

Can the Banking System Handle Huge New Write-Downs?

There are always people out there who will buy what they can't afford if someone will sell it to them. Should that be a surprise? Debt is what our consumer economy is based on. And now that collective consumer debt is too much for monthly payments, the government is coming in to re-negotiate debt on hoiusing so that overall consumer debt can still be sustained by monthly payments. Obviously, this only postpones the inevitable collapse of the debt economy, but the idea is to keep it going as long as we can. Buy that furniture and make no payments until 2012! Buy that car for no money down and pay for it over 5 years! E-a-s-y!