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please see my new column, elaine, for a sure fire bet.



Elaine, I don't know if you read the article Dean Baker wrote earlier this week on foreclosures. without going into great detail, he suggests the homeowner be allowed to remain in the home and pay rent at the prevailing local rate.



My friend at work has a mortage with Countrywide that she got in March 2005. It is for 5.5% until it resets in March 2008. She said in her mortage agreement if she sells or refinances before Feb. 2008
she has to pay an $18,000 penalty. She has only the month of Feb. 2008 to do this.
I do not know if Countrywide's
contracts are standard in each state. This one is in Texas.
I'm sure she will try her best to keep I guess Countrywide's house.



Kevin Drum and Atrios of Brad Delong's claim that Bernanke can save us from what Dean Baker and yourself have documented as the worst housing disaster ever.



For details

Drum claims that Bernanke has no economic tools to help, and atrios claims that Bernanke is not God and therefor will inevitably fail.


Given your expertise, why not imagine up the most evil and stupid ways to "solve" this problem and then tell us these will all come to nasty ends. It would be nice to have this all documented before the big Crash in September.

Elaine Meinel Supkis

About 'reset' loans: people who fell into temptation fell into the claws of a very nasty demon. The demon always rings the doorbell claiming they have free money and they live in a gingerbread house.

Anyone who bought a house with a reset loan will have to learn a very harsh lesson. These things are POISON. If one doesn't qualify for a real loan, one shouldn't bid up the price of houses and buy using poison loans.

I lived for 10 years in a tent in the northeast in winter in order to build a house with no debt. This is the price I paid. I am a free woman today because I took the trouble and lived without electricity or water for most of those 10 years. We all pay a price somewhere. Anyone seeking to live in a house for free after doing something foolish and dangerous...I have no sympathy for.

We MUST pay our bills. Every penny of the loan given to these people was from someone's savings account somewhere on earth, mostly China. It is unfair for Americans to take this money and run.

About Bernanke and the coming crash: he can't stop it. If he hyper-inflates the dollar the Chinese will punish us by destroying the dollar faster than we can inflate it. They are not the OPEC nations.

And the OPEC guys have us by the economic throat now. They are quite different and much more sophisticated than 30 years ago.


So true about OPEC being much different guys. and the lions share of this change is due to Pres Chavez lobbying for a price band. along with his loans taking place of the IMF is a big reason why the US wants him gone. Chavez is not paranoid, we really are out to get him.

Elaine Meinel Supkis

100% correct, Al!

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