The rich aren't just screwing us, now they've taken to screwing each other.

[ayers231]

http://www.nytimes.com/2010/07/09/bu...h.html?_r=2&hp

Whether it is their residence, a second home or a house bought as an investment, the rich have stopped paying the mortgage at a rate that greatly exceeds the rest of the population.

More than one in seven homeowners with loans in excess of a million dollars are seriously delinquent, according to data compiled for The New York Times by the real estate analytics firm CoreLogic.

By contrast, homeowners with less lavish housing are much more likely to keep writing checks to their lender. About one in 12 mortgages below the million-dollar mark is delinquent.

Though it is hard to prove, the CoreLogic data suggest that many of the well-to-do are purposely dumping their financially draining properties, just as they would any sour investment.

“The rich are different: they are more ruthless,” said Sam Khater, CoreLogic’s senior economist.

I couldn't have put it better myself, Mr. Khater. Too bad many of them can still pretend to be caring Christians....

[nowar]

shocking I tell you absolutely shocking

[JoeNormal]

What would we do without these fine pillars of the community?

[DavidW]

You should see the fire sale on houses in Cabo. Until very recently, cash was required to buy a house here and so a lot of Californians refinanced their primary residences. Not a good idea.

[JWeeks]

Originally Posted by DavidW

You should see the fire sale on houses in Cabo. Until very recently, cash was required to buy a house here and so a lot of Californians refinanced their primary residences. Not a good idea.

Glad that you aren't among those that Joe despises:

Originally Posted by DavidW
BTW, I'm still in

[JWeeks]

BTW, Rage and Joe, here is an account of how crony capitalism actually works:
http://www.americanthinker.com/blog/...s_democra.html

File under Green Schemes:

Abound Solar received a $400 million grant to ramp up production of cadmium telluride photovoltaic panels. Here's a coincidence: Russ Kanjorski, nephew of Pennsylvania Democratic Rep. Paul Kanjorski, is a marketing executive at Abound, which got a $3 million federal grant in 2008. He previously had been a principal of Cornerstone Technologies, which got $9.2 million in earmarks from Kanjorski and then went bankrupt.

The channeling of taxpayer dollars to as part of the Democratic Friends and Family Program via the "renewable energy" charade continues apace.
To add insult to injury, Abound is a Spanish owned company that is teetering a bit as the Spaniards wise up and realize their solar ventures have been fiscally disastrous and they begin to wean themselves away from the delusions that led them to the path of fiscal Armageddon. Who better to keep Abound afloat than US taxpayers? So our money is going to help bailout a Spanish company.
But the Kanjorski "de facto" earmarks is just the tip of the non-melting iceberg. A lot of this type of "fringe" benefit is under the radar screen of the liberal media.
Here are but two other examples....

I'm waiting for you to blame the evil, self serving executives at these "green" companies, while ignoring the source of the problem. Don't disappoint.

[JoeNormal]

Originally Posted by JWeeks

BTW, Rage and Joe, here is an account of how crony capitalism actually works:
http://www.americanthinker.com/blog/...s_democra.html

I'm waiting for you to blame the evil, self serving executives at these "green" companies, while ignoring the source of the problem. Don't disappoint.

What in your mind is the source of the problem? In mine, it IS the evil self serving execs who oversell the potential of whatever it is that they're offering. Whether it's a corporate/government swindle or one that's confined to the corporate world alone, these fuqers are making bank at the expense of everybody else. If you're going to trot out your explanation that in a free market, these companies go under, why don't you explain why the execs never seem to pay the price when they do. Golden parachutes should be outlawed.

[JWeeks]

Originally Posted by JoeNormal

What in your mind is the source of the problem? In mine, it IS the evil self serving execs who oversell the potential of whatever it is that they're offering. Whether it's a corporate/government swindle or one that's confined to the corporate world alone, these fuqers are making bank at the expense of everybody else. If you're going to trot out your explanation that in a free market, these companies go under, why don't you explain why the execs never seem to pay the price when they do. Golden parachutes should be outlawed.

The responsibility is that of those who control the government check book. Corporations are free to do with their money what they wish; if I don't own their stock I have no say in their operations so long as they obey the laws.

Politicians are responsible for how they "invest" my and your money. I hold them responsible for every frivolous use of my money. I don't give my stock broker a free hand to invest my money however he wishes; why would I give any more of a free hand to those who represent me.

Now, if you can explain how some XYZ corporation along with whatever golden parachutes they give to their execs have robbed you, then make that case.

[JoeNormal]

Originally Posted by JWeeks

The responsibility is that of those who control the government check book. Corporations are free to do with their money what they wish; if I don't own their stock I have no say in their operations so long as they obey the laws.

Politicians are responsible for how they "invest" my and your money. I hold them responsible for every frivolous use of my money. I don't give my stock broker a free hand to invest my money however he wishes; why would I give any more of a free hand to those who represent me.

Now, if you can explain how some XYZ corporation along with whatever golden parachutes they give to their execs have robbed you, then make that case.

XYZ corporation is making our nation poorer by putting Americans out of work (which I believe the rest of us are morally obliged to rescue from living in a cardboard box) and making our country less stable and less robust.

I know that collectivism is a dirty word for you but whether you want to admit it or not, we have a heritage (and at least formerly, a willingness to work together) in this country. Generations have fought for what we have here and as much as you'd like to, you cannot put a dollar value on that struggle. But like most capitalists, it's all about the money for you isn't it.

[JWeeks]

Originally Posted by JoeNormal

XYZ corporation is making our nation poorer by putting Americans out of work (which I believe the rest of us are morally obliged to rescue from living in a cardboard box) and making our country less stable and less robust.

I know that collectivism is a dirty word for you but whether you want to admit it or not, we have a heritage (and at least formerly, a willingness to work together) in this country. Generations have fought for what we have here and as much as you'd like to, you cannot put a dollar value on that struggle. But like most capitalists, it's all about the money for you isn't it.

Just as XYZ originally made our nation richer by putting Americans to work in the first place. Had XYZ not opened its doors in the first place, all those people would still be out of work.

When was the last time that a collective in Flint or Detroit leased one of those empty factory buildings and starting producing a product and employing the unemployed. Those buildings are just sitting there, waiting for the collective to act. The UAW could go into business tomorrow and show the rest of the world how it is to be done.

Why don't they do that?