It would be irresponsible in the extreme for an individual to forestall a personal recession by taking out newer, bigger loans when the old loans can't be repaid. However, this is precisely what we are planning on a national level.
Hat tip to the ASI.
2 comments:
Carol Voderman would disagree with you.
But that's exactly what so many people did during the boom years.
Remember "consolidation loans"?
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