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ISSUES....
Inside, confidential and off the record
All is lost
Here is a headline on a story on the WSJ; " Millions of Americans are now deeply underwater on their mortgage. If you're among them, you need to stop living in a dream world and give serious thought to walking away from the debt." Never though that I would ever see this in writing by a major newspaper in the U.S. Here is what our friend an expert Dennis Gartman from The Gartman Letter has to said on the issue.
SHAME ON THE WALL STREET JOURNAL: We wrote yesterday of the seeming
and all-too-clear demise of character in the American psyche as it is now far too common and far too readily accepted for home owners to walk away from the obligations they contractually accepted when the signed for mortgages upon their homes. Tossing their keys to their homes in the mailboxes of the banks and mortgage companies that granted them their mortgages, people are making the “business decision” to nullify contracts and walk away. Society is breaking down, and this is a clear example of that breakdown.
However, worse is the article sent to us from Market Watch, owned by The Wall Street Journal, the title of which is below, telling consumers that they are fools
not to do what so many others are doing by walking away from their “under-water” mortgages. When The Wall Street Journal approves of such things, all is lost. When the supposed bastion of free markets promotes contract nullification, we are lost. When The Journal writes such nonsense, nonsense becomes sensible and sense becomes nonsense. Shame then upon The Journal; Shame: Feb. 26, 2010, 10:28 a.m. EST When It's OK to Walk Away From Your Home - (The Gartman Letter - 03 02 2010 )
ISSUES.... 03/02/2010 / - Send Us Your Issues
ISSUES.... Inside, confidential and off the record
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