From Pine View Farm

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“Apparently now we have a foreclosure-based economy.”

The Daily Show With Jon Stewart Mon – Thurs 11p / 10c
Foreclosure Crisis
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Thoreau comments:

Now, I hate people who borrow more money than they can pay back. I do. I live in an apartment, so don’t expect me to cry a river for somebody who took out too big of a mortgage. OTOH, I have even more hatred for rich people who can’t balance their books. So if some financiers got too clever for their own good, took on some bad risks, got in trouble, and now they can’t kick out the borrower and sell to recoup some losses, well, sucks to be them. If the price of irresponsible rich people losing money is that irresponsible non-rich people can’t be kicked out of homes that they can’t pay for, well, it’s a rare treat to see shit roll uphill for once.

Now, I do realize that there might be economic repercussions if bankers are unable to recover some of their losses. Fortunately, I have a solution: They can sell their own organs to raise cash. I have a bit of damage on my cornea, my brother has a less-than-perfect cardiovascular system, and most of Ireland could use a new liver. So there’s clearly a customer base.

Video via TPM.

Addendum, Later That Same Day:

Stewart thought he was being facetious with the crack about a “foreclosure-based economy.”

In a report that at attorneys-general of at least 40 states are preparing to investigate the fiduciary and legal irresponsibility of the banksters, Bloomberg includes this tidbit:

Lenders took possession of a record 95,364 homes in August and issued foreclosure filings to 338,836 homeowners, or one of every 381 U.S. households, according to RealtyTrac Inc., an Irvine, California-based data vendor.

“If you have a national moratorium on foreclosures, that’s a problem,” Paul Miller, an analyst for FBR Capital Markets Corp. in Arlington, Virginia, said in a phone interview. “The longer you drag out foreclosures the longer it takes to get through” the housing slump, he said.

Of course, he is wrong, as any student of Kepner-Tregoe could tell you.

A moratorium would be a symptom.

Incompetence and fraud are the problems.


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