“In principle, what the IO mortgage appears to be is an
institutionalized form of Serfdom. You owe the landlord
forever, and you are in debt forever.”
Agreed subprime mortgage industry debacle of the past 6 years looks to me like an attempt at institutionalized serfdom. When they start talking about 40 year loans or loans that you can pass on to the next generation…what are the chances in the current consumer economy that people would get out from under debt?
Does anyone know how the Mortgage backed securities or bonds…sold to the Chinese,will affect trading, production and our relationship with the Chinese? When Greenspend “designed” this interest-rate mess…was there some political deliberate agenda here?
