Groundhog Day, a day devoted to the spectacle of me being forcibly dragged from the comfort of my cozy home, also seems a suitable occasion to write about the subject of the subprime mortgage debacle.
What's the connection between little old me, Punxsutawney Phil, and the tens of billions of dollars in losses that financial institutions have written off due to the mortgage mess? Well, both of us owe our existence to a massive suspension of common sense.
Think about it: The reason I am so famous is because humans (lots of 'em) cling to the belief that a burrowing rodent can predict the weather each February 2nd...by looking for its shadow.
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