Buce Is the World

Our correspondent, Buce over at Underbelly, wonders exactly how does one say "adjustable-rate mortgage" in Czech. Don't kid yourself that consumer indebtedness is uniquely American.

On a different note, Buce also describes the similarities he sees between today's mortgage crisis and the fraud fandango of the early 1970s. It's not that Buce was around to see that, but he's heard others talk of it. Buce's post is worth reading. It reminds us that the fundamentals of our problems are not new, just the same dynamic with with different labels. Everything old is new again, especially when we're talking about creative ways used to convince someone to part with his money.