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.

3 comments:

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...

BS:
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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