Homeowners discover that they can stop paying their mortgage and live worry free for years.
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My neighbor is doing exactly that. Still belongs to one of the most expensive clubs in town. The lis pendens was put on his house three years ago by one of his lenders–and it’s taken this long to get to the motion for judgment and setting of law days. Two banks were involved including your favorite.
The bank will be doing him a favor by taking the house off his hands. And at age 75, what does he care about a hit to his credit rating?
Always amazes me how businesses like American Airlines (there are certainly other examples) can declare bankruptcy and walk away from their financial commitments, even when they have plenty of stash to meet those commitments. No one bats an eye. Yet, as James Surowiecki of the New Yorker, homeowners who do the same face heaping portions of moral scorn and opprobrium when they walk away from their commitments. Funny that…
I don’t know why everybody is worrying about their mortgage being a couple of million underwater. If they keep printing money the way they’re printing money, in a few years, a couple of million will be pocket change, and your most vexing problem will be: should I pay off my mortgage or buy that candy bar?
What difference will printing more money in our economy, at this stage, make? I know, I know, Ron Paul and the dunces on the WSJ op ed page say that hyperinflation is right around the corner, and it will mean the end of civilization as we know it. Except that core inflation right now is below 2% and there is absolutely no sign that it is picking up. So I say let the printing presses run overtime! Free money for everyone! (Except the banksters who already got theirs). Let Bernanke’s helicopter start dropping hundred dollar bills from the sky. Seems as smart a solution as anything else we got going here.
“If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around them will deprive the people of all property until their children wake up homeless on the continent their Fathers conquered…I believe that banking institutions are more dangerous to our liberties than standing armies… The issuing power should be taken from the banks and restored to the people, to whom it properly belongs.” –Thomas Jefferson
Core inflation, the measurement the fed likes to use, excludes just about everything a person might want to buy; as for stuff no one wants to buy, that’s worth about what it was the day before: nothing. It’ not unusual to see things in the supermarket that were three dollars the week before jump to five dollars the following week. Anyone who truely believes prices are increasing at an annual rate of 2% must be letting his wife do all the bill paying and bookkeeping as well as being a firm believer in that old maxim: Don’t believe your lying eyes, listen to me instead. As for free money for everyone: if it were free, then it would have no value and people would have to find another way to pay goods and services that have value. Everyone would be a lotto winner, and no one would want to work– end of the world as we know it. Help me Obi Wan (Ron Paul), your my only hope.
AJ: If your only hope is Ron Paul on monetary matters, you are lost. Even though he counts himself as a monetary guru, his predictions have been uniformly wrong. He has built his political career around the notion that he’s an expert in a subject (money and banking) about which he actually understands nothing. Sorry to be so brutal, but it happens to be true…
Sorry DB, I meant help me Ron Paul with Jesse Ventura as VP so he won’t get assassinated because Ventura would be even worse, you’re my only hope. I thought Obama was going to save the country; that he was a man of his word; that he said what he meant and he meant what he said, but unlike those who worship at his feet, I don’t think we need to give the messiah a second term to see if, this time around, he really will walk on water. Actually, I don’t believe a politician can save anybody from anything, but it would be nice if they’d just get out of our way. If, like Buck Rogers, I’d taken off in a spaceship from Eisenhower’s or JFK’s America and just returned today I wouldn’t recognize our country. With bills like S1867, the National Defense Authorization Act, where as a US citizen you can just be sent off to be tortured and never heard from again, or SOPA, an outright attempt to stifle free speech and dissent; I think Buck would mistakenly believe he’d landed in Russia and not the good old US of A. Now we have TSA checkpoints on the highways and a lot more are coming soon to protect us from what? Government sponsored false flag attacks? (see: original World Trade Center bombing. The guy who set the whole attack up under government direction feared he was be set up as a patsy and recorded all their conversations. Look it up.) Watch tapes of WTC building number seven coming down: it’s a controlled demolition (I believe the latest explanation is it was caused by an aftershock of the planes hitting the twin towers). I doubt few Germans believed their own government would try to burn down the reichstag (parliament building), but by the time they woke up it was too late. Or to quote Premier Parizeau on winning Quebec separation, “They (the electorate) will be like lobsters in the pot, once they realize what’s happened it will be too late.” Mitt Romney will be no different from Obama. It will be a very smooth transition because nothing will change. Ron Paul is the only candidate who offers any hope of real change. I remember when I was a kid back in the fifties and the “Mad Bomber” was blowing up buildings in New York; it didn’t keep me from wanting to go down to the city. I remember in the sixties when the SDS was blowing up banks; it didn’t keep me from depositing my paycheck. The terrorists, a.k.a. the shadow government, fascist corporatocracy, have won: all you have to do is mention the T word and the average dumbed down citizen is ready to piss in his pants and give up all his rights and freedoms for the protection offered by his very tormentors. You don’t have to be a
monetary guru to realize it’s foolish to create money as debt when you can create it debt free. You don’t have to be a genius to realize that it’s stupid to pay somebody (the privately owned, not government owned, fed) for the use of something you already own. And you don’t have to be a banking genius to figure out that when the fed allows B of A to transfer seventy-five trillion in derivatives from its Merrill division to its commercial banking division to be covered against loss by FDIC, that if there’s a run on the banks, FDIC insured or not, you ain’t getting your money. It will be MF Global all over again.
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