I'm sitting here watching ABC's evening news which is focusing, unsurprisingly, on the economy and the tanking of Wall Street (apparently not one of McCain's "sound fundamentals"). In a story discussing and contrasting how McCain and Obama would address the problem, one wag said that the problem with more regulation is that it will "make it more difficult for people to get credit."
What. The. Fuck?!?!?
I'm no economist, but it's my understanding that a lot of this current financial mess is down to the whole subprime mortgage fiasco, in which people who really shouldn't have qualified for loans in the first place borrowed way too much money. If that's the case, might it be a good thing if it was more difficult for people to get credit?
1 comment:
Very good point. Throughout the continue search for a scapegoat(s) for the market crash, no one is going to look at them self and say "Maybe I shouldn't have bought things I can't afford to pay for."
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