Tag Archives: New York Times

Wealthy Default On Mortgages at Higher Rate than Poor and Middle-Class

So much for the right-wing’s ‘moral hazard’ argument as regards to the poor (they somehow never apply it to the rich). Turns out the top 10 percent in income, who have benefited from all those lavish tax cuts since St. Ronnie was president, are dumping their luxury homes at much a higher rate than those below them on the economic ladder. Gee, who would of thought that those who can afford to pay the mortgage would just stiff the bank?

Biggest defaulters on mortgages are the rich
Wealthy simply see loss of home as one bad investment and walk away

David Streitfeld
The New York Times
July 8, 2010

An excerpt from the article:

“More than one in seven homeowners with loans in excess of a million dollars is seriously delinquent, according to data compiled for The New York Times by the real estate analytics firm CoreLogic.

“By contrast, homeowners with less lavish housing are much more likely to keep writing checks to their lender. About one in 12 mortgages below the million-dollar mark is delinquent.”

Today’s Quote: How Obama Became a Fascist to the Right

“But hyperbole from the usual suspects in the entertainment arena of TV and radio is not the whole story. What’s startling is the spillover of this poison into the conservative political establishment. Saul Anuzis, a former Michigan G.O.P. chairman who ran for the party’s national chairmanship this year, seriously suggested in April that Republicans should stop calling Obama a socialist because ‘it no longer has the negative connotation it had 20 years ago, or even 10 years ago.’ Anuzis pushed ‘fascism’ instead, because ‘everybody still thinks that’s a bad thing.’ He didn’t seem to grasp that ‘fascism’ is nonsensical as a description of the Obama administration or that there might be a risk in slurring a president with a word that most find ‘bad’ because it evokes a mass-murderer like Hitler.”
— Frank Rich, “The Obama Haters’ Silent Enablers,” NY Times, June 14, 2009.

Today’s Quotes: Clarence Thomas — Was His Brain in There?

“Im one of those people that still thinks the dishwasher is a miracle. What a device! And I have to admit that because I think that way, I like to load it. I like to look in and see how the dishes were magically cleaned.
— Clarence Thomas, as quoted by The New York Times. [What must he think of the microwave? “Gee, food goes in cold and gets magically warm when I press the button.” Yes, this guy really is a US Supreme Court Justice. Comforting, isn’t it?]

I have on many occasions or a number of occasions when things were becoming particularly routine gone down to my basement to watch Saving Private Ryan.’ I cant tell you why that particular movie, except we have it and its about something important in our lives World War II.
— Clarence Thomas, as quoted by The NY Times. [He’s kidding it was actually ‘Saving Ryan’s Privates’ which is on the shelf next to the well-worn copy of Long Dong Silver’s Best Cum Shots.]

“And though the dinner was sponsored by the Bill of Rights Institute, he [Thomas] admitted to an uneasy relationship with the whole idea of rights.”
— Adam Liptak, “Reticent Justice Opens Up to a Group of Students,” NY Times, April 13, 2009. [Thomas ‘uneasy’ about the ‘whole idea of rights’? What a shock.]