Better get ready for some hefty tax hikes if Liz Warren has her way...she proposes writing down mortgages for those gamblers, flippers and speculators who bought homes the last several Boom years and now cry for handouts....better get your wallets out boys and girls:
Good post. They haven't even began to deal with foreclosure tsunami that is coming. When people are allowed to default on their debts en-masse, money looses its value fast. They are crazy if they think the cramdown is somehow going to help them get out of this predicament. I love the logic in this piece, it is so preverse. They seem so confident, its scary. Welcome to the USA of the future, GM bondholders and taxpayer stockholders. We will keep making cars even if it hurts.
ride....I agree...the post is a good one... cramming taxes down the throats of all the hard working folks to pay for the handouts...oops, I mean bailout of mortgage holders who have no equity.....sad to say these are most likely the same people who maxed out their credit cards in the malls and want Baer's plan to also favor bank write-offs of their credit card debt subsidized by guess who?