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...going forward, how do we strike the right balance between the "democratization of credit" and the overextension of debt? We have to go back to the notion of credit basics. In other words, to buy a house, you can't borrow more than, let's say, 2½ times your gross salary. We know the financial institutions are retrenching themselves right now. The question is, Has the consuming public learned anything from this? That's the more difficult issue...
...access to credit in a very strict proportion to their income - not a future projection of their income, which is what we've been doing. It's been, "I'm now making $50,000, but in a few years I'll be making $150,000, so no big deal, let's go buy an expensive house now." This whole business of giving more credit than a person can service is not only foolish, but if you tried to do that 200 or 300 years ago, it would have been considered immoral as well. We don't think that way anymore...
This reset moment will not last for long, let alone forever. History and the zeitgeist keep moving. It's a good bet that the 2020s will be fully roaring, the dawn of yet another thrilling, manic era of hypercapitalist easy money and overnight fortunes and conspicuous consumption...
...industry arrangement. With the White House and Senate siding with the drug industry, the House will face an uphill battle when the two versions reach a conference committee. Still, Waxman vows, "I think what we're doing is the right policy, and I'd rather benefit the seniors than let the drug companies have a big windfall...
...difficult terrain against a united TTP. Mehsud's death gives the military the opportunity to go in for the kill. But another U.S. official worries that the Pakistanis will hold off and seek another truce. "There will be some [in the military] who say, 'Enemy No. 1 is dead, let's see if the next guy will do a deal,' " says the official. "And if I'm Mehsud's successor, I'll be happy to do a deal, to buy time and space to set my house in order...