Interest Rate Roundup

Monday, January 08, 2007

"Total Carnage"

Back in the early 1990s, there was a great shoot-'em-up arcade game I liked playing called "Total Carnage." You'd fight an army of mutants churned out by the villain General Akhboob, who would insult you as you fought your way through the various levels. Lots of fun.

I thought of that game today when I punched up the charts of some of the major subprime mortgage lenders. If you want "total carnage," that's where it's at. I've spelled out several reasons why in a number of venues, including this blog. But it all stems from one fundamental fact: We gave too much easy money to too many people who had no business borrowing during what was arguably the biggest housing bubble in U.S. history.


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