Booms, Busts, and Recoveries Message Board

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Strategies & Market Trends : Booms, Busts, and Recoveries

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To: arun gera who wrote (72403)	2/7/2010 2:40:10 PM
From: Maurice Winn	Read Replies (1) of 74559

Arun, people who owe money on their houses and are unable to pay are in big trouble. They'll have to live in a park under a hedge. That's not so nice for them. Actually, they could stay in their house. I'll buy 10,000 of them for $1 each and rent them to the original "owners" for $10 a week. But if the government just defaults on debt, the lenders can't do anything about it. The creditors can't do anything. The houses in Iceland are still there. So are the roads and all the other assets. The ownership of those assets probably changed. But people still live there in the same houses. With no borrowings to pay the state-sector bludgers and spivs, the government has to lay them off, telling them to get real jobs, mowing the lawns of the houses I buy, being paid by my tenants to mow the lawns and paint the houses [the houses would have maintenance contracts as part of the leases]. My tenants would not be able to pay much, but the ex-government spivs would be glad to have enough to buy a bag of rice, some cabbages, carrots and onions. Down with sovereign debt! Mqurice

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