Friday, January 01, 2010

Hindsight is 2010

Financial Times:

“We’ve had people in our office who were qualified for a mortgage based on their Ebay earnings or their gambling income,” says [Anne Balcer Norton, director of foreclosure prevention at Baltimore’s St Ambrose Housing Aid Centre]. “Things that you just scratch your head and say, ‘And no one thought these were going to fail?’ ”

Not if home prices went up forever! But since you practically needed an Ivy League degree in economics to understand why, it's not for the evicted family to pass judgment on industry professionals. Why, even the smartest people make mistakes; is that any reason to challenge their beliefs? With the right credentials, all is forgiven; and, more importantly, forgotten. Here's to a brand new year!

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