Today we’re going to carry out part two of my discussion about where we’re headed economically, with economist Michael Hudson. He’s worked on Wall Street, taught economics, and is the author of Killing the Host: How Financial Parasites and Debt Destroy the Global Economy. Welcome, Michael. (Part One – The inversion of Classical Economics)Michael Hudson
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Chris Hedges interviews Michael Hudson
4 comments:
"HEDGES: If you miss a payment. Mortgages, with many houses now underwater because of 2008. "
This is how incompetent/unqualified/stupid these people are they literally think a year can cause the price of a home to go down to a point below the balance of a loan against it...
Tom, good label "junk economics"...
When you borrow 90% of the purchase price, not very long...
Bob, pre-2008 there were examples of 125% mortgages in the UK. How long then? Damn quick is the answer. Before the post-1997 housing boom, negative equity was a huge problem in the UK. Repossessions were common - and banks didn't then (and don't now) want to repossess because it makes their balance sheets realistic.
"Its about price NOT quantity..."
I would say neither Hedges nor Hudson nor probably Bill Black understand what this phrase means or how to apply it...
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