Countrywide Is Borrowing Even MoreThe New Motto For This Market: Debt Will Set You Free

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So let’s get this straight. Countrywide said it secured $12 billion in credit and that’s good news. Because it shows that the credit markets aren’t totally seized up. Just like every other story we’ve written about today.
We once read something about this. What was it? Oh right: “This is a delusion about credit…the idea that the panacea for debt is credit.” That’s from a book by Garet Garrett, the Saturday Evening Post columnist. It was published in 1932 and it’s called “A Bubble That Broke The World.” It's about the crash of 1929 and the subsequent Great Depression.
Countrywide Boosts Borrowing Capacity [Associate Press via Houston Chronicle]
A Bubble That Broke The World [Mises.org; pdf]

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