Strictly speaking, Greenspan is correct. If you borrow money while interest rates are falling, then an ARM is superior to a fixed-rate mortgage. But while homeowners may pay a little less with an ARM, they may wind up sleeping less when rates climb again—as they inevitably do. Man does not live by basis points alone.
TODAY IN SLATE
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Even experienced international disaster responders are shocked at how bad it’s gotten.
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Meet the New Bosses
How the Republicans would run the Senate.