Monday, May 25, 2009

Condition Yellow If Not Red

Please follow the link below to read about why this mortgage situation is MUCH worse than has been previously reported. Okay, it was hitherto easy to blame the stupid people who got in over their heads with loans that quickly went sour. The argument was that they were greedy and depended on ever-increasing real estate values to justify their actions.

Well, as I have written before, the issue here is not with real estate, it is with job losses. And now, even folks who have previously been prudent are faced with foreclosure problems; not that taking a house back is a panacea for the financial is actually a nightmare.

So let's keep talking on a national level about water boarding, Nancy Pelosi and the like. We are slipping ever deeper into this horrible thing.

Here's the link:

and another sent in by Tim Chilleri:

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