Robert J. [not Paul] Samuelson writes: > Everyone knows the direct causes of the present housing collapse: low > interest rates, lax mortgage lending, rampant speculation. But the > larger force lies in Americans' devotion to homeownership. It explains > why government officials, politicians and journalists (including this > one)[*] overlooked abuses in "subprime" lending. The homeownership rate was > approaching 70 percent in 2005, up from 64 percent in 1990. Great. A > good cause shielded bad practices. The same complacency lulled ordinary > Americans into paying ever-rising home prices. Something so embedded in > the national psyche must be okay.
[*] here's the real news: Samuelson admits to having been wrong! -- Jim Devine / "Segui il tuo corso, e lascia dir le genti." (Go your own way and let people talk.) -- Karl, paraphrasing Dante.
