Wednesday, June 18, 2008

Donlan, Welcome Aboard

"What do you call a person who owes more on his mortgage than his house is worth? Some would call him a victim. Many would call him a homeowner in distressed circumstances. Almost nobody observing the current crisis has thought to give his situation its proper name: He is a renter. Such an occupant makes monthly payments to live in a house in which he has no equity", Thomas Donlan (TD) at Barron's, 26 May 2008.

TD, I called these people renters with options to buy, or owners with options to sell in 2005. Welcome aboard. See for example my 14 February, 27 March and 9 May 2008 posts.


Edgar Alpo said...

I use the dollar because it is decreed by the authorities, but I will never trust the dollar as anything but an easily manipulated and debauched piece of cotton cloth with ink on it.

Independent Accountant said...

About 70 years ago Ludwig von Mises said, "Only the government can take a perfectly useful commodity like paper, slap some ink on it, and make it completely worthless". Think about that.

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