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January 29, 2008

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Last time I checked, people who got foreclosed on didn't get to take the house with them, so it isn't exactly stealing, is it? It isn't only that the buyer took a loan they couldn't afford, it's that the mortgagor gave them too much money and TOLD THEM THEY COULD AFFORD IT!

The mortgagors got themselves into this mess. They thought they could control home prices forever, but that's backfiring on them now. They seem to lack a sense of morality for screwing over EVERYBODY who overpaid for their home over the last 15-20 years, who are now trapped in their mortgage because it's only going to get harder to sell.

Freude,

Understand that this is one example of how the tax code is skewed against us and for the wealthy (read: resource-laden...this goes against rich individuals, as well)

A corporation can abandon a building, take a tax write off (beyond what they've depreciated already) and socialize their losses.

You, me, even Donald Trump, unless it's a casualty loss, we eat it. And even then, we have to jump through hoops proving to the IRS our loss.

George Will has said at least one smart thing in his life: The trouble with America is that corporations are allowed to privatize profit but socialize losses.

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