Be afraid, be very, very afraid. According to a piece from Marketwatch, subprime is -- to borrow a line from Monty Python -- not dead ... it's just sleeping. And when the subprime players come back, they will just look different. Maybe they'll be more responsible, less predatory, and easier to understand -- but maybe not.

According to some experts, the reason that subprime mortgages will return is that our country is dedicated to the idea of increasing home ownership. And the only real way to increase home ownership is to give mortgages to people who wouldn't traditionally qualify for them.

Perhaps it's a policy that needs some rethinking. As we watch record numbers of Americans struggling with increasing mortgage payments, we have to wonder whether they can keep their homes. There's something to keep in mind: A lot of these people would have been a lot better had they continued renting for now, and our national fixation on the idea of home ownership is a big part of what got them into this problem.

Don't get me wrong: I think home ownership is a wonderful thing, and absolutely something that should be encouraged. But in our religious zeal for creating the ownership society, we've forgotten something: If you can't afford a home, you're better off renting. The fact is that a lot of people bought homes who had no business doing that, and that's a big part of why we're in the crisis we find ourselves in now.