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November 07, 2007

LOLCats Take on the Housing Crisis

Sorry, can't resist.

Consider this an open link thread.

November 7, 2007 | Permalink

Comments

I've started visiting the LOL Cats regularly and find it more than just funny, but an interesting commentary of what folks are thinking about.

GM's $38 Billion write down today reflects in the second degree just how flakey the US financial system really is (not the 'things are stabilizing' talk from the Fed and the media). Credit card and auto loan defaults are rising almost as fast as mortgage defaults - reflecting that the consumer spending that has propped up the US economy has already turned around.

This isn't going to end well. The Blue Dog Dems in the House are blocking a bankruptcy reform bill that would allow Bankruptcy judges to renegotiate the terms of mortages (now forbidden in the last "reform' law). Meanwhile the nation now has over 2 million homes (new unsold and used-but-defaulted sitting empty. And the peak of the mortgage resets doesn't happen until late Spring 08. This will be one of the key issues of the 08 elections, although it's hardly on the radar today as a political issue. This will be more of an influence in the 08 elections than immigration, terrorism or Iraq/Iran, since contraction (recession) of jobs and housing defaults go hand in hand.

Posted by: JimPortlandOR | Nov 7, 2007 2:58:46 PM

Try harder.

Posted by: norbizness | Nov 7, 2007 3:17:46 PM

Gots to agree with norbizness here. Ezra, I believe in you. I have faith. I think you can resist.

Posted by: David S | Nov 7, 2007 3:54:12 PM

While I occasionally find the LOLCats phenomenon amusing, what is totally bizarre are the comments over there! Everyone comments in LOLspeak. Oh noez! (Sorry)

Posted by: Glenn | Nov 7, 2007 3:58:02 PM

Strap on the LOLlerskates; it's time to use the roflcopter on chairman lmao.

Posted by: max | Nov 8, 2007 12:44:06 AM

Jobs and housing defaults go hand in hand.
Thanks for information.

Posted by: Jiola | Nov 8, 2007 6:12:50 AM

Ezra, front page article in the NY Times this morning on charter schools in my state, Ohio, you might want to look at, seeing how much you like charters. I don't think this article tells the half of it, but it's a good start.

Posted by: Ohio Mom | Nov 8, 2007 10:40:43 AM

God, so sad, A friend at ACRORN who was working on this subprime loan B.S. and how it disproportionately affected POC, the stories she told...

Posted by: Joy | Nov 8, 2007 11:29:52 AM

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