Archive for November 9th, 2007

Storm Lake teen charged with terrorism.

Nov 09, 2007 in Iowa

A thirteen year old boy from Storm Lake, IA who threatened his teachers is being charged with terrorism. 

Pointless.

-mg   

Whoops!

Nov 09, 2007 in Economy, Housing Bubble

Here’s a classic case of “be careful what you wish for“.  Lenders are now getting bitten in the ass for pushing harsh new bankruptcy laws through the Congress.  Since homeowners can’t as easily file Chapter 7 or 11 to get rid of credit card debt they’re being forced into delinquency on their mortgage payments.  Unlike credit cards, a home loan is a secured debt, so the homeowners have the ability to leave the keys on the kitchen table and walk.  The entire goal of the so-called “bankruptcy reforms” was to shield a lender from the risk of over-extending themselves.  With the new laws in place, companies like Chase or Citi could underwrite credit lines to customers they knew couldn’t afford the terms and not have to worry about the consequences.  Talk about a colossal backfire.

-mg

Welfare Queens (the one’s that actually DO drive Cadillacs)

Nov 09, 2007 in Welfare of the rich

Bernanke still has plenty of fingers to stick in that leaky dike. Thanks to Ben and Chuck Schumer, tax payers are facing the possibility that they’ll be assuming the risk for rich homeowners.

-mg