Friday, May 27, 2005

SNAKE EYES

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More and more economic writers are wringing hands over the housing bubble. They all understand this is due to low interest rates. When the super low rates first came about after 9/11, I was puzzled. The economic and banking matrix didn't suddenly change for the better allowing us the luxury of low interest rates thanks to money pouring into banks in savings. With a huge kitty of savings, of course, banks must put the money to work thus the low interest rates.

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