Quote from denner:
Even though you've become like the "boy who cried wolf", your posts are usually right on target.
I've contended for years now that the most prudent manner to deal with the wage gap and the inability for many, many individuals to even subsist without government aid is to actually ALLOW prices to revert to affordable levels. Obviously, we all have different opinions as to what those "levels" might be, but it's crystal clear that continued attempts to distort the price via either subsidies or "teaser rates" has worsened the problem. Whether it's tuition prices (all levels of education), property taxes, real estate prices, insurance costs, food prices, gasoline prices, etc, etc...
In an attempt to "inflate away" the bad debts, CB's are creating an ever greater percentage of people who fall beneath the poverty line, thereby creating an every greater percentage of people who currently require social welfare and WILL continue to grow in size and scope in the years to come.
Let's not even get started on how many senior citizens and/or baby boomers will go BK with ZIRP and a decimated real estate market.
Thanks. Your post cleared up a few issues I was wondering about.
