Some people beam with pride when they’re in the (on-line) newspaper. You’d think he’s just pleased as punch at his fifteen minutes of fame. Is he part of a new and fashionable trend (no, not wearing flip-flops as a fashion ‘statement’)? Kinda. Sorta. Except his ‘family protrait’ is in remarkable contrast to the actual story:
A California man who has defaulted on nine homes and expects banks to foreclose on all of them, forcing him into bankruptcy, says he now considers it a mistake to have invested in the real estate market.
He certainly has a gift for understatement. WTF?
The new trend he’s setting isn’t just serial foreclosure- oh no, he represents so much more than that. Reality has finally decoupled from ignominy– which is a sign of something… what that is exactly, I don’t know, but we should all assume for now it can’t be good.
Dvorak speaks for all of us curmudgeons when he accurately portrays how financial institutions and even our own government have turned on us, its citizens, because they aparently see us as nothing but debt serfs:
Fleecing the public
Every single institution of public trust has decided to go all in and see what they can steal from a passive uncomplaining public made paranoid by government surveillance and the now seemingly permanent orange-alert status of the country over terrorism.
Somewhere along the way it’s been deemed okay, and perfectly acceptable for US to live and work in this skimming culture called Amerika, where everybody wants a piece of you and me. Forget about creating something useful, tangible, which measurably improves life- that’s so 20th century. You’ll be taxed and zoned out of existence.
Fees, taxes, taxes, fees- that’s the new model America, where a toll gets split myriad ways. Securities, insurance, food, gas, lodging, muni bonds, liars loans, ninja loans… everyone down the chain feels they are entitled to their vigorish.
Our FIRE economy is based on the same sound principles and traditions as organized crime.
And when one of the big fish aren’t feeling sated (can you say solvency boys and girls?), they unilaterally decide they are entitled to take a bigger bite and ‘tax’ or ‘fee’ us some more.
Even Hanky Paulson stoppped just short of saying it was every American’s patriotic duty to stay put in their onerous, upside down mortgage(s), which they managed to come by either stupidly or fraudulently.
The banks might be politically influential and connected enough (“it’s who you know”) to demand a do-over, and they will insist that the little guys eat shit. It’s become the American way, after all.
In other words, if rape is inevitable, sit back and enjoy it like a man patriot should, I guess is what Hank Paulson is saying.
Since the attackers aren’t going to get arrested anyway, I suppose there really isn’t a choice in that situation is there?
Oh wait, yeah, there is: one can simply walk away – from the house and the poor analogy.
Debt precipitated the crisis, but it will be systemic failure to manage the crisis that kills US.