[lbo-talk] Gallup on bailout

Bill Bartlett billbartlett at aapt.net.au
Wed Oct 8 23:02:32 PDT 2008


At 9:09 PM +0100 8/10/08, Lenin's Tomb wrote:


>This is invidious. What you are describing is not a strike action - it's
>the result of an inability to pay, which is itself a result of the fact that
>the whole demand for mortgages was based on debt because wages were
>suppressed in order to restore profitability. Previously, homeowners could
>renegotiate their mortgages and it was manageable if far from satisfactory
>(in fact terribly difficult). Now they can no longer do so, so more
>defaults are becoming foreclosures. This is leaving hundreds of thousands
>of people, probably millions, without homes. A great many of them are
>presently shacking up with relatives or living out of their cars. 'We'
>didn't win at all. 'We' got screwed, first as workers, then as consumers,
>then as debtors.

If unable to pay increased mortgage, then also unable to pay any "increased" taxes. Obviously. Think it through man.

Bill Bartlett Bracknell Tas



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