Some wisdom at last!

From Bloomberg, we have Caroline Baum talking about As Housing Goes Bust, Lenders Become Predators?

The problems in the subprime market may be just the tip of the iceberg, given the depth and duration of the housing bubble -- and the money tied up in it.

"We've created an unproductive asset," says Joe Carson, director of global economic research at AllianceBernstein. "A house doesn't produce income."

For the record, Caroline Baum is one of the smartest journalists working for the MSM. Her economic reasoning is sometimes a bit suspect but her intuition is spot on.

Of course, you know what that means, don't you? She's probably going to get fired sooner rather than later.

Sing it, sister, sing it!