What happens when the straight line capatalists take over the economy? When the pump and run financial experts take over, what is the result?
Sarah Evans of Shaker Heights, a suburb of Cleveland, has an opinion. “When folks buy a home they expect to die in it, I guess,” she said as she stood outside in the cold. “I had my American Dream but it became a nightmare.”
According to a Briebart news article, her neighborhood has been ravaged by the results of the subprime mortage mess.
She’s afraid she’ll soon lose thetwo-bedroom house she’s lived for more than 30 years because she can’t afford the new monthly payments. Like everyone else in the neighborhood, she did a leveraged buyout of her credit debt by using the increased equity in her house. And like the rest of her neighborhood, it went south.
Soon, her property will join the rest of the street on the portfolio of the new owner: a bank.
This crisis will not be fixed before the election. It’s 1992 all over again – “it’s the economy, stupid!”
And Romney is in no position to suggest alternatives. He made his money being the bank.