Uh oh we're fucked

[laughingcoyote]

Mortgage holder just went under and can't sell the house because the taxes would be more than the sale. All the money is tied up in investments. Goodbye American middle class.

Neither a borrower nor a lender be;
For loan oft loses both itself and friend,
And borrowing dulls the edge of husbandry. -W.S.

Comments

[sm101]

There was a report we were talking about here at work a couple of weeks ago which said that Middle Class starts at $100k now days.

[sarmonster]

It's not 15K?

My taxes say otherwise. Eesh.

[sm101]

Ahh ... True that per the Government it is 15k and upper class starts around 100k still.

It was a financial report we were reading. I don't recall the source of the report.

[sarmonster]

Doesn't that just mean you write the checks to a different company?

[laughingcoyote]

True but how are we gonna pay it? The DOW is down 777.0 points, that's 1.2Trillion $1,200,000,000,000 Part of that is ours. I'm not for bailing out the banks but, there's the argument that if we don't, it hurts the rest of us. The only thing we make in this country is money and if the money stops flowing we're fucked. People borrow money they don't have and and lenders lend money they can't afford, so it just keeps going down the line. Only other thing we had was the realestate thing but now properties aren't worth anything.

[sm101]

... Did you notice it is 777 .... Isn't that rumored to be a good #????

[laughingcoyote]

Not when when set into motion by 13