by Morgan Freeberg | October 10, 2008 9:46 pm
John Stossel snags the forty-third award for the Best Sentence I’ve Heard Or Read Lately (BSIHORL):
Everybody talked about the “freeze” in the credit markets, but why, I wonder, were the cable news programs that repeated the credit-freeze mantra pausing for commercials from companies trying to lend me money?
He goes on…
Ditech and LendingTree still hawk mortgages at under 6 percent. Some credit freeze.
Economist Robert Higgs of the Independent Institute looked at the credit numbers kept by the Federal Reserve. He writes: “Although certain financial institutions are undeniably in deep trouble — difficulties of their own making … — credit markets in general have not ceased to operate. Moreover, lenders are extending credit in historically great amounts“.
Maybe this is why CNN business reporter Ali Velshi broke ranks when reporting on “dried up” credit and said, “When I say ‘dried up,’ I don’t mean there’s no money. But you’d better have good collateral and good credit.”
What’s wrong with that?
You really should go read the whole thing. It’ll change your perspective…especially if you think the 1929 crash was some harbinger of doom regarding what’s about to happen to us next.
It’s the technology. Not what it used to be. Seventy-nine years is a long, long time.
Cross-posted at House of Eratosthenes.
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