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
The Irritating Confidante
John Dickerson on Ben Bradlee’s fascinating relationship with John F. Kennedy.
My Father Invented Social Networking at a Girls’ Reform School in the 1930s
Renée Zellweger’s New Face Is Too Real
Sleater-Kinney Was Once America’s Best Rock Band
Can it be again?
The All The President’s Men Scene That Captured Ben Bradlee
Is It Better to Be a Hero Like Batman?
Or an altruist like Bruce Wayne?
Driving in Circles
The autonomous Google car may never actually happen.