oldtimer

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    • Bank of America Buys Countrywide - Who Gains and Loses? [view article]
      A truly great side of the mortgage mess (at least as far as Cleveland, Ohio is concerned is the fate of many of the homes here which are in foreclosure. As soon as these houses are vacated, they are cannibalized by some of the local "entrepreneurs&qu... for everything that can be sold for scrap. (siding, windows, plumbing, wiring and even windows and doors.) Guess you could call it evaporating equity!! The end result is a derelict house which is an attractive nuisance and blight on property values and which can never be rehabilitated. Of course, the public will be expected to clean up the mess by tearing down the housing or it can be left standing to attract rats, addicts, gangs to the further detriment of the neighborhood. And you wonder why there are lawsuits. Jan 12 03:19 PM
    • Why Gasoline and Food Matter When Measuring Inflation [view article]
      Food and energy only matter to those who don't count anyway so why include it. Jaga has hit the nail on the head for those who cannot hedge their (nearly fixed) wages against commodity price increases (caused in part by excessive money supply). In an earlier world, labor would have gone on strike to increase their wages to compensate for what to them is a real increase in their living expenses - that reaction is no longer available as organized labor has been essentially crushed by the same people who are responsibe for the excessive money supply.

      Who would have thought that by simply importing cheap labor, exporting skilled jobs, and printing money, a vast and permenant lower class could be created so quickly. Oh yes, buying both political parties also helped a lot!       Jul 12 10:33 PM
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