“Nobody knows which banks are already bankrupt, and now even the little guy is no longer finding his obligation to pay all that much of an obligation. In the end the whole credit system depends upon the social convention that debts ought to be repaid, and this social convention seems to be dissolving. When people begin walking away, lower interest rates are not going to help.”
If this really is happening you can expect 18% rates when everyone starts covering for anticipated losses. Kinda like russian mortgage rates.
172 posted on 03/13/2008 10:03:36 AM PDT by Centurion2000
(su - | echo "All your " | chown -740 us ./base | kill -9 | cd / | rm -r | echo "belong to us")