The Residential Real Estate Crash Index Message Board

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Strategies & Market Trends : The Residential Real Estate Crash Index

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To: Skeeter Bug who wrote (234015)	12/22/2009 4:48:08 PM
From: MulhollandDrive	Read Replies (1) of 306849

you claimed growing corn could pay off this $400k debt, but that's not legal tender for debt repayment - the bank won't accept it corn as a mortgage payment. i can grow corn until i'm purple and there is still only $200k in the system when i will eventually have to pay back $400k. i think the given assumption here is that you the corn grower can find a willing buyer for the corn, THEN you can pay back the debt with whatever profits were made from the labor... denninger's position is that the debt overhang now is too great for the country to 'earn' their way out.... we have a lot of debt slaves walking around right now, and the number of the slaves going the default route is rising every day

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