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The bubble having happened, the assets obviously need to be reassessed with an eye towards finding a sustainable price level.

But ex ante it is not obvious that inflating a housing bubble and then popping it is less painful for the common Spaniard than selling bogus Spanish government bonds to German banks and then telling them to fuck off and die when they come to collect.

- Jake

Friends come and go. Enemies accumulate.

by JakeS (JangoSierra 'at' gmail 'dot' com) on Fri Feb 17th, 2012 at 03:10:57 PM EST
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