Do people willing to take adjustable rate mortgages get a better deal
(as you might expect if most people don't quite get the real/nominal
rate distinction)?  Or has arbitrage already taken care of this?  Anyone
have any actual evidence?  Conjecture and hearsay?  Those are *kinds* of
evidence... :-)
              Prof. Bryan Caplan           [EMAIL PROTECTED] 

  "Is there anything more distinctly understood by all men, than
   what it is to see, to hear, to remember, to judge?  Yet it is
   the most difficult thing in the world to define these 
   operations according to the rules of logical definition.  But
   it is not more difficult than it is useless.  Sometimes
   philosophers attempt to define them; but, if we examine their
   definitions, we shall find that they amount to no more than
   giving one synonymous word for another, and commonly a worse
   for a better."
      --Thomas Reid, *Essays on the Active Powers of Man*

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