Bloomberg reports the happy, if untrue, news that we are coming out of the debt hole. Apparently, going farther into debt is supposed to be good for the economy. Mish isn't buying it. True, taxpayers are belt-tightening and paying down debt by economizing, but the government is borrowing much more. Students are borrowing at record rates too, but many will not be able to pay back those loans, and will not be able to go bankrupt. Within the next few years, homeowners facing foreclosure and students who cannot pay off their loans will be offered the chance to get the debt wiped out if they "volunteer" for the military. Semper Fi!
Thursday, December 9, 2010
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