Perhaps you underestimate the innovative abilities of the real-estate and mortgage industries......
We’ve seen the “innovation” of the mortgage and finance industry.
That “innovation” is what got us into this mess.
If they handed out loans to only those who had a snowball’s chance in hades of repaying them, we wouldn’t be seeing the default rate we are.
If the finance industry didn’t try to hide the true cost of sub-prime lending by packaging it into CDO’s and other illiquid, mark-to-model securities, we wouldn’t have a liquidity lock-up in the credit markets.
I don’t underestimate their innovative abilities at all.
Everyone else has underestimated the consequences of those “innovative abilities.”