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March 27, 2007
Don't look under this rock
I warn the readers of our fair blog to sit down before taking a look at this graphic. If you haven't already jumped off the nearest bridge, you might want to read the accompanying story, which discusses in more detail how ignorant many people are about their mortgage. There is rational ignorance and then there is plain stupidity. In which bin does this one belong? Couple this with the revelation that some subprime mortgage brokers are deciding who will assess the property, thereby obtaining the "right" number (see below), and there is no wonder why there are problems in many areas of the real estate market. Posted by Craig Depken at 12:40 PM in Economics
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The statesman who should attempt to direct private people in what manner they ought to employ their capitals would not only load himself with a most unnecessary attention, but assume an authority which could safely be trusted, not only to no single person, but to no council or senate whatever, and which would nowhere be so dangerous as in the hands of a man who had folly and presumption enough to fancy himself fit to exercise it. -Adam Smith
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