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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: UnBelievable who wrote (248162)7/2/2003 1:38:10 PM
From: Mark Adams  Read Replies (1) of 436258
 
If nothing else, the equity extraction creating the upside down case creates a class of serf's who will happily serve whereever/however possible in order to keep the roof over head, and food on the table.

For some people, recent buyers that is, the upside down problem isn't a refinance issue, but a purchase at an unreasonable cost issue. Yet there aren't really any good signposts that future costs may exceed future income. How many people understand the potential challenge to labour's rents, global competition may create?

If the IRS treats individuals imputed gains differently from corporate reorgs- then there is basis for asserting that the IRS becomes an enforcement agent for the creditors. And that corporations have 'special privilege', which until this am, I hadn't considered...
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