Credit where credit is due?

[jhetley]

"WASHINGTON (AP) - The government introduced a pair of new programs Tuesday that will provide $800 billion to help unfreeze the market for consumer debt and to make mortgage loans cheaper and more available."


. . . And here I thought a major contribution to the current economic unpleasantness came from people (and moreso, governments) spending money they didn't have . . .

Comments

[wcg.livejournal.com]

We make money the old-fashioned way. We print it.

[kristine-smith.livejournal.com]

What I'd heard was if that's all it was, it would have been much easier to weather. It was the people who should have known better who packaged and repackaged that debt nine different ways because they thought the bubble would never burst.

[jhetley.livejournal.com]

Add "corporations" to the "spending money they didn't have"?

[ziactrice.livejournal.com]

That and the rating services being in bed with the bad loan-makers and packagers, giving safer and higher-class ratings to debt far too bad to merit such higher-class, lower-risk ratings.