Full Thread: Housing
View Single Post
Old January 9th, 2010 #21
Alex Linder
Join Date: Nov 2003
Posts: 45,342
Blog Entries: 34
Alex Linder

[comment from Lew Rockwell]

NY Times: ‘Walk Away From Your Mortgage’
Posted by Lew Rockwell on January 9, 2010 02:14 PM

From Roger Lowenstein and the heart of the power elite, more proof that houses still have far to fall, and the big banks and Fanny-Freddy too. Also proof that Americans are beginning to see houses for what they are in reality, not “investments,” but consumption goods, like cars and refrigerators. After all the nutso Keynesian propaganda on spending and debt as the path to prosperity, people are shedding debt, in proper and improper ways, and cutting spending in every way possible. Saving, contra Keynes, builds civilization. Americans are also rediscovering the truth that being a landlord is an important and specialized role in the division of labor, and that most of us are better off as renters rather than owners.