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Donald Rumsfeld needs some help here.
Planet Money, NPR:
Spain, like the U.S., is going through a huge real estate bust.

But only around 3.5 percent of Spaniards with mortgages stopped making payments last year. In the U.S., the rate was above 9 percent.

What’s true for Spain is true for most of Europe: Homeowners are much more likely than Americans to keep paying their mortgage, even when the economy falls apart.

Read on for why.

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QDB: Quote #301779 [Indogutsu] According to an “On This Day in America” calendar hanging on the wall in my office, Robert Fulton (the inventor of the steamboat) appeared before a House committee on February 14th, 1810 to explain the uses of torpedoes. [Indogutsu] So to all of you who, for whatever reason, can’t find love and feel left out and bitter on Valentine’s Day, you can instead use this day to remember Robert Fulton and his contributions to undersea warfare.
It used to be I had Gmail and Google Reader as permanent tabs in my browser, and spent 3 or more hours a day in the later. But the permanent Reader tab has been displaced by…. Facebook, and I just noticed I have 781 unread Daily Dish items. Egads, but I’d hardly recognize myself from 4 months ago. Any day now I’ll be forced to turn in my political junkie credentials…
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Would anyone care to remind me why government restriction of private investment is a good thing?
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Jason Kuznicki’s post at Ordinary Gentlemen is perhaps the best explanation of libertarianism I’ve ever seen.
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Your Vintners