This is Pretty Funny.....
The amazing part is it apprears to be true if you read the local Alaska newspaper.
Click on chart to enlarge.
Reality trumps fantasy everytime......almost every time.
Now an important issue....
the breakdown of Moral Obligations as more and more can't afford to pay debt. This will be something I will be focusing on in future posts. A refuses to pay B. B can't pay C. C defaults on D......ect....
“His Christian beliefs told him lying was wrong, and his parents had taught him to pay his debts, he said.”
“A 55-year-old man said he let a house in southern Corona go to foreclosure and bought another in Lake Elsinore, lowering his monthly payments from $5,200 to $2,100. He wanted to remain anonymous because what he did ‘could be construed as fraud,’ he said.”
"The only way I can justify it (lying to his lender) is that I think a lot of people made a lot of money selling bad mortgages to anyone who walked in the door," he said.
It's fraud to cheat the lender but its OK for the lender to sell loans in knew or should have known the borrower couldn't pay back????? Shoot the junkie and reward the dealer?????
As more lose their jobs and things get tighter, expect more and more people to just start saying....I am not going to pay my credit card bill.....I can't afford to pay my property taxes.....between gas and food and shelter....there is nothing left for my small business loan......
As more and more default, interest rates will rise and banks will get even tighter to offset risk.
As things get tigher the economy will slow forcing many who have been in business a long long time to shut down and wonder....
“‘There’s no one coming into the stores,’ he said.”
“After 52 years of selling everything from discount dishwashers to high-end ranges, Fresno retailer Bilsten’s has closed. Owner Paul Gilchrist said the slow economy killed sales and, on Aug. 15, his company.”
Another piece of America shutting down everyday creating more and more jobless. And our President says he sees signs of recovery???? You think he might be misreading going out of business signs???
Each time a business closes, a landlord loses a tenant.
“‘We have 19.5 square feet [of retail space] for every man, woman and child in the United States. That’s a crazy number,’ he said. ‘As long as our economy booms you can support that, but when the economy goes down … do you need 12 shoe stores in every mall? … Do you need eight jewelry stores? I don’t think so.’”
Think of the trillions in commercial debt our banks, insurance companies, and retirement plans hold as assets that is dependant on that rent.
Expect some more BKs as we end the month.