Relativity

From the Mississippi Clarion Ledger: Miss. mortgage bust unlikely.

The Mortgage Bankers Association report showed nearly 10 percent of mortgages in Mississippi were delinquent in the first quarter of 2008.

"(But now) be glad you're not in Florida, because that's a disaster," said Bill Emmons, a senior economist with the Federal Reserve Bank of St. Louis, which serves northern Mississippi.

So 10% of foreclosures are normal?

Aah, wondrous economists who've never held a real job.