What Does it Look Like When Fake Wealth Ablates?

[Ed note: Doh! Damned spelling]

Well, if you are the unfortunate bearer of the now-worthless piece of paper that banks used to make money, it looks like an eviction notice:

60 Minutes Investigates ‘Cutting Corners’ On Foreclosures (VIDEO).

I make this point over and over again, so my apologies if I sound like a broken record. Banks make money off shitty mortgages – literally making money out of thin air – and what happens when the money carousel stops? They recoup their losses by snatching back the homes they should never have lent money for in the first place.

And efforts to try to keep people in their homes – while noble perhaps – are just another tax on American working men and women, trying to fill in a hole with dirt we don’t have and never did. Not that there are a lot of alternatives, mind you.

By Tommy Belknap

Owner, developer, editor of DragonFlyEye.Net, Tom Belknap is also a freelance journalist for The 585 lifestyle magazine. He lives in the Rochester area with his wife and son.