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Great point, abuses are not so new, just highly leveraged, and likely emboldened by the cover of credit default swaps, but in a melt down, all the swaps cancel each other out.
Sep 25 14:39 pm
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All Comments by spanish moss »Leverage 101: The Real Cause of the Financial Crisis [View article]
AND!!! Interesting post from earlier reflects a new mentality. Instead of buy a house, keep a house, the kids, the neighborhood, the schools... accept the pull backs cause it's home, not an investment... right? NOW the mentaility is that it is not smart to keep the house when it is underwater... damn the kids, damn the neighborhood, damn the schools... a house (evre since since COBRA of 1986) is an investment. Don't do the right thing, do the smart thing is apparently the new mantra.
I agree about leverage, but the new mantra changes the math too... and not for the better. IMHO