I would endorse this Piece, if only I could discern what was said. We bloggers carry our prejudices with us, but refuse to admit We have them. It all comes from playing the Devil’s Advocate too many times. We believe We can lampoon every Thought, and Readers can outline our humor without precise underlining of the event. We all want to be the Stephan Colbart of the Page, but have not had sufficient practice. I have always been willing to grant a Toast to the foolhardy of heart, but wonder if We should engage in the practice. I once knew an old Stylist who ranted about Clarity–Clarity–and more Clarity. I worry that I often even confuse myself, though I console myself by such complication I even mistake my own words.
Don Quixote rides again. Everyone looks for stability, and Some even seem to try to parameter instability. The authors expect a Profit if the wounded animal can stumble past November. What everyone ignores is How Much Money has already been pushed into this thing, How Many have already gotten their fair value out of this thing, and How many Homeowners have been crushed by this one asset. This is not a rant against Bottom Feeders–who are utterly necessary in this complex world of Ours. It is a precise Statement that there should be a financial authority who can call a halt to these financial aberrations, saving both Homeowner and Investor vast losses, and All a vast waste of Time. Appropriate and timely Bankruptcies could cut away dead flesh, and allow for new Growth. How many Shots with a Cardiac needle and how many Jolts with the Paddles must it take, before Someone will sign the Death Certificate?
Maybe my Readers will understand the previous argument better, by reading this article. One has to ask How Much will be spent by homeowners who will eventually lose their homes, prior to the actual point of actually losing their homes. It is the highest Rental Prices in the Country, while it serves no one; not the Homeowner, not the Mortgage holder, and not the Investor. The Real Estate markets will again crumble in the face of the defaults, and no one even bothers to inform homeowners that they have no chance! It is the real degree of inefficiency in the mortgage markets which is costing everyone involved, and practices should be changed. This is forestalled because of the memory of great Profits previously earned, but which cannot come again, without the same damage again unfolding. When are We going to admit our Enemy is Us? lgl