Homeowners who refinanced their mortgages took out cash and reduced their monthly payments at the same time. Much of the cash obtained by refinancing was spent on consumer durables, home improvements and the like.
“Henry Kissinger is the greatest living war criminal in the world today, with the blood of millions of people in Vietnam and Cambodia and Laos and Chile and East Timor on his hands. He will never appear in a court or be behind bars.”
“You're under pressure when you produce facts. You're working with facts in journalism, but you're under all kinds of formal constraints; there are expectations.”