The banking industry has done a great thing, says another smug economist from the American Banking Association. By encouraging people to borrow against their houses it has helped people "free up illiquid assets." In 2005, they helped people "free up" $200 billion worth of illiquid assets.
Surely, they should get a Nobel Peace Prize for that! Imagine all those poor people who have been liberated from their own houses. Last year, they owned a roof over their heads, or "illiquid asset." Now, they own last year's hit CDs and have fond memories of last year's vacations in Las Vegas. Of course, they now have a deeper, more meaningful relationship with a lending institution, too.
Your home ATM
From the Daily Reckoning:
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