Right, put that next to this (from kcurie in last night's open thread...

spaniards are so retarded that we have a retarded and old mortgage system.. our system was so old and disgusting that now it turn out it would make us good in the housing crisis...

http://www.publico.es/074284/poca/sofisticacion/mercado/hipotecario/espanol/suavizara/crisis

If we would had been as advance as any other country (which is obviously what everybody wants) we would got hit as anybody else.. but poor spaniards.. so retarded that now they miss the mother of all crisis.

I am not kidding.... Spaniards should not think they did the right thing keeping with the old-reliable system.. no.. they did not get hit because unfortuantely we are retarded...

This is the new IMF... at his best.

So apparently Spain also had a mortgage sector too old-fashined for their own good until the subprime mess hit, sez the IMF.

When the capital development of a country becomes a by-product of the activities of a casino, the job is likely to be ill-done. — John M. Keynes