Friday, January 22

Should You Walk Away?

Here's the money quote from a scholarly article by University of Arizona professor Brent T White. regarding the economic impact of walking away from your mortgage:
Norms governing homeowner behavior stand in sharp contrast to norms governing lenders, who seek to maximize profits or minimize losses irrespective of concerns of morality or social responsibility. This norm asymmetry leads to distributional inequalities in which individual homeowners shoulder a disproportionate burden from the housing collapse. (My emphasis)
Friends, the big banks are utterly immoral. Walking away from a mortgage that is no longer a good deal for you is NOT immoral. If you're having trouble with your mortgage, you need to read this.

Thursday, January 14

"The Big Bankers Never Lose"

Ron Paul made this cogent observation - not in 2008 but in 1988.

"No matter which party is in power, they will appoint to the major offices members of these two committees, (Trilateral Commission and Council of Foreign Relations), so that Wall Streeters and the Big Bankers always have inside information as to what is going on."

See the entire video here.