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Tuesday, October 26, 2010

Great post of the day 

James Howard Kunstler writes about the American mortgage meltdown AKA the Masque of the Red Death:
...The bankers say, just bring a "lost note" letter to the closing. "The dog ate it." Signed, Mom. Like, that's an okay substitute for the rule of law. Oh, and, by the way, the dog ate the title, too. Congress even tried to get in on the act last week with a bill that would have essentially negated the significance of notarization. . . "Oh, the dog also ate my signature...." President Obama vetoed the damn thing, which was passed in the US Senate unanimously by the human dung-beetles who work that manure pile. The dog ate your financial system.
...the upshot will be a paralyzed property sales industry. Who will want to buy property when there is any question about owning it free and clear? You can be sure the sickness will spread into commercial real estate, with its much shorter-term loans and its desperate rollover deadlines. Things begin to look a bit gruesome. But 'tis the season for it! The night of the Blood Beast comes Sunday, just in time for the All Souls Day open of the equity markets. That's the day when the costumes come off and we stop pretending. That's the day that the skeletons dance on the real estate destined to be our graves.

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