Saturday, June 9, 2012


Greetings good citizen,

Sunk into the bedrock of ‘modern’ capitalism is the ‘dream’ of homeownership.

How disturbing this has become is incalculable considering our entire economy eventually became the Real Estate market as the workers of the US were cut off from other avenues of economic opportunity.

So what does this ‘mean’, good citizen?

You may have noticed that once the ‘I live off the equity in my house’ phenomenon reached its inevitable conclusion, we found ourselves where we remain today.

In a world filled with over-priced houses and no jobs to pay for them with.

We all know what the solution to this debacle is…but that’s not what our blind and deaf politicians are serving up:
The housing secretary, Shaun Donovan, has supported debt reduction for certain homeowners who owe more than their homes are worth and helped negotiate the $25 billion national settlement with the nation’s largest banks over foreclosure abuses, which includes homeowner debt relief. Administration-insured loans are technically eligible for debt reduction, but not many are expected to be reduced because banks are more likely to address loans not insured by the agency.

Selling the loans could create a backdoor route to debt reduction. Investors who buy them would have greater leeway to reduce principal or offer rent-to-own plans and other means of making the mortgage affordable, Mr. Donovan said at the Clinton Global Initiative in Chicago.

Homeowners whose loans are sold “might get a call [note the operative word…] to say, ‘Hey, we’re willing to cut your payment dramatically, or cut the balance on your loan dramatically,’ ” he said. “There are going to be a set of options that might arrive on that doorstep as the best news that homeowner has ever heard.”

Seriously Shaun?

You don’t think he’d be FAR happier to hear that he has the ‘use’ of his current property ‘free’ for as long as he needed it and he was no longer carrying the burden of ‘unloading’ the property when he wanted to be elsewhere?

You think some pin-head calling and telling him, “Hey, IF you can pay all of your back payments by next month, I’ll knock $10 a month off of what you owe.”

(Because we all KNOW that is how it’s going to go down.)

Now $10 a month may not seem particularly ‘dramatic’ to you but to Chiseler, it’s a ‘big gesture’ worth a lot of dough! Hell, it’s over $400 bucks a year, and we’re talking 20 plus years here! That’s a few grand!

[Mind you this is a tiny fraction of what Chiseler is making on the deal but this is capitalism we’re talking here and not some nickel and dime charity!]

And this is where ‘the problem’ comes in. Under capitalism, Chiseler is ‘entitled’ to ‘hold out' for the price HE thinks is fair.

Doesn’t matter if everyone else thinks he’s crazy, this is a society built on ‘crazy’, actually predicated on ‘the greater fool’.

So what do you suppose happens when the greater fool turns out to be Chiseler?

Can you say ‘Tea Party’? (Which is just another name for a ‘festival of idiots’.)

Let’s look at the ‘basics’.

The Real Estate market was decimated by?

What do you think ‘did in’ the Real Estate market? (Besides massive stupidity!)

You don’t suppose the global real estate markets tanked due to ‘the global race to the bottom’, do you?

Because THAT’S where we are sitting today! Too many (seriously overvalued) houses and not nearly enough high earners to buy them! Not without going Japanese and taking out ‘multi-generational’ mortgages on a given property.

Which, ironically, don’t work because the idea of adding ‘time’ to a mortgage (wrongly) ‘assumes’ that income will at least keep up with inflation.

But that’s not how the global race to the bottom works!

Which is to ask WTF is wrong with our dim-witted politicians?

They like to play SSI as the political ‘third rail’ but their ‘willful ignorance’ has created a multitude of ‘deadlier’ topics…

If YOU were a politician, how would YOU weasel your way out of the mortgage ‘trap’?

If you declare a jubilee, Wall Street would have you dead before the sun set, if you try to sell the ignorant public on multi-generational loans, they will have you dancing the funky chicken twelve inches off the ground that night by torchlight.

WITHOUT the ‘Real Estate’ market, our banking system will collapse.

Not a question, just a statement of fact.

The real question we need to ask ourselves is if we need to have a real estate market in order for society to function?

Now your worthless Libertarian (who wouldn’t pee in your mouth if your teeth were on fire!) will blow a gasket if you propose such an idea, his whole life is predicated on making YOU pay HIM rent!

If housing were ‘free’ he’d have to get a ‘real’ job…and it’s not like there is a lack of things that need doing, that’s the hell of it good citizen.

Banking ‘should be’ an internal function of the organization that cuts your paycheck and a place to live ‘should be’ a ‘gimme’.

That’s how it works under A Simple Plan.

Thanks for letting me inside your head,


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