Of course I defer to the lady E. on all matters economic, but even so ... Okay, say the market collapses. Say house values fall by some improbably huge amount -- say two-thirds. What's the net for Joe and Jane Wagearner? Some of them may lose some "equity" when they walk away from their overmortgaged white elephant -- but wasn't that "equity" pretty much an illusion anyway? Won't they end up paying less out of every precious monthly paycheck once the dust settles and prices (and rents) hit more reasonable levels? And isn't that what matters?
Right now a lot of these folks are stretching themselves very thin to make mortagage payments whose sole basis is a prospect of future speculative gain. Who reaps the benefit of that? Not the poor wagenik, I suspect.
'Course, I've always been a renter myself -- never managed to get on the old real-estate escalator -- so perhaps this is affecting my outlook. Sitz im Leben, as they say in Milwaukee.
the notion of blood spilt here
is that of the better off wage stiff
trying to stay above water
it gets to be a nasty desperate proposition
leading
to longer job days
and plenty more of em
and all tasks
performed with greater compliance despite
stinking sinking real wage rates
of course "contradictions will sharpen"
and defaults are liberating
and that's why
these true blue mice
can't actually drown
at least not in high numbers
but grack u be right
these are job kulacks all
george meany men to the bone
no tears need flow for Homer
NOT from the eyes
of any lower proles
or higher progs
but hey
i'm soft on em
pass me that jelly donut
Soft spot? Soft spot? My soft spot is bigger than
your soft spot any day. -- Okay, okay, *as* big.
Which is why I hate to see this poor
blue-collar mortgagee chasing some brass ring
that will always be kept just out of his reach.
The longer the game goes on, the worse his
situation gets.
So there's a default and a walk away -- very
painful and humiliating, and then it turns out
that half the guys he knows are in the same
boat. What does he conclude from that? If he's
not a fool -- and I don't think he is -- he
might draw some pretty salutary lessons
from the experience.
WE ARE IN TOTAL AGREEMENT
ABOUT PLAN B THAT IS
SO TURKEY ROPED
THEY
DEFAULT
IT'S INDEED LIBERATING ASK PINKY
MY CONCERN
IS FOR PLAN Aers
THOSE
THAT WILL MOVE HEAVEN AND EARTH
IE JOBBLE THEMSELVES SPASTIC
THEMSELVES
THEIR SPOUSES
AND WHO EVER ELSE
CAN BE DRAFTED INTO
THE JONES FAMILLY
"SAVE OUR FACE "
OVER TIME HOURS CLUB
AND ALL THIS
JUST
TO AVOID DEFAULT
PRESERVE A CREDIT SCORE
ABOVE 600 ETC ETC ETC
CREDIT ADDICTS ARE THE PRIME PRODUCT
OF TODAYS FIRST WORLD JOB SYSTEM
THE just to have A JOB BE KOOL
ain't enough
BASIC JOB SCARCITY
ISN'T MAX ENOUGH
THE TOWER BOYZ
LIKE TO OFFER A CARROT TOO
AND YET THE CARROT MUST BE ITSELF
A FURTHER MEANS OF ENTRAPMENT
I NOTICE HERE
AMONG MY SOFT SPOT VICTIMS
ONLY THE CREDIT HOOKED
GIVE EM MORE LINE
SIMILARLY I'M AGIN TUFF LOVE
FOR HEROIN ADDICTS
KOLD TURKEY ???
NEVER WORKS
EXCEPT ON SELF SADISTS
I SAY
JUST GIVE EM ALL THE SNOW THEY WANT
FREE TILL IT KILLS EM
THEY'LL DIE HAPPIER AND LESS EXPLOITED
----------------
BACK TO THE JOB KULACKS
ITS A NO WIN REALLY EITHER WAY
I WAS TRYING TO POINT OUT THAT SHORT OF REVOLUTION
THE RESULTS OF E MIZZZZZ ER I ZZZZATION ARE ....MISERY
AN ENLIGHTENED Rx ??
i have none
THERE IS NONE
ITS HARDLY
BETTER IF THIS UNSUSTAIABLE CREDIT FLOW
JUST SLOWLY ABATES
TO SEE EM
SQUEEZED LESS NOW
JUST SO THEY CAN BE SQUEEZED LONGER
ITS PAINFUL
TO SEE EM
SUCCEED
AND TO FAIL
THIS WAS A MOMENT OF TRIBUTE
TO THOSE WHO WILL
SUCCEED IN THEIR ARDUOUS COURSE
BETWIXT SCYLLA AND LADY C
AND FOR THAT VIRTUE
BE NICELY EXTRA SPECIALLY
EXPLOITED THE WHOLE REMAINING
WAY
ACROSS TO THEIR RSP CASKET