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The Reality Of Bailouts: We’re Helping People Who Don’t Deserve Our Help
Say Anything —
Not only is this guy defrauding taxpayers, but he’s damn proud of it too.
Mr. [Steve] Sherman said that while he can afford his [mortgage] payments, he had planned to sell the house in a year or so to supplement his retirement income. But now, he figures, he couldn’t afford to live there as a retiree. So four months ago he stopped writing mortgage checks, setting the cash aside in his retirement savings. He says he’s waiting for his lender to kick him out or to reduce his loan amount. He’d also be happy for the ...
If you climb up on a mansion you too can swing like a star
Fraters Libertas —
Much of the finger pointing over the financial crisis involves Main Street, Wall Street, and the government. But another way to look at it is to see which states have been the main contributors to the root cause of the problem. Not surprisingly, California leads the way as a story in today's WSJ (sub req) makes clear: Such dramas are repeated throughout California, where the U.S. housing market is arguably at its most troubled. Following years of big profits for bankers and home builders in this state, one-fifth of all outstanding U.S. mortgages by dollar value -- and a ...
