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Loan Modification
: Mortgage Lender Implode-o-MeterDebunking The Purported "Need to Double Credit in 10 Years"
By Implode-Explode Heavy Industries
At 6% per year credit expansion, credit is up 50% in 8 years, 100% in 13 years, and 200% in 20 years. Did after-tax wages go up by 50% in the last 8 years? Did after-tax wages go up 100% in the last 13 years? We all know the answer to those questions.
A long read but very good; with both Mish and Keen demolishing the World Economic Forum's ridiculous call for a massive increase in global credit (more poison is needed for what ails us, apparently).
Full post as published by Mortgage Lender Implode-o-Meter on January 24, 2011 (boomark / email).
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