Wednesday, August 22, 2007

Debt culture gone awry

Hamid Varzi, an Iranian banker, in the IHT: "The ongoing sub-prime mortgage crisis, a result of irresponsible lending policies designed to generate commissions for unscrupulous brokers, presages far deeper problems in a U.S. economy that is beginning to resemble a giant smoke-and-mirrors Ponzi scheme. And this has not been lost on the rest of the world."