re: #151 ericblair

The government liked it because this sort of malinvestment could magically turn debt into GDP for years and years.

.

And here too.

Home ownership is often, or at least it was, preached as central to the American way of life.

And thus mortgages become important to the American way of life.

That is why the current high mortgage rates are problematic for the Democratic party.

If by next fall the mortgage rates continue to climb, the consequences for Biden may be too much.

Any debt on one person’s books is an asset on another’s.

That makes the world go ‘round.