Gaming the System

[ArnoldW2]

The author of this article says:
"Gaming the system is not just encouraged--it has become the foundation of the U.S. economy.  Without it, the status quo will implode."
(article from oilprice.com)

http://tinyurl.com/35dhzrd


Defaulting on your mortgage is one way to do that, as this article shows.

http://www.pbs.org/newshour/bb/business/jan-june10/mortgage_04-20.html

[The Gorn]

Thanks for posting that. It's pretty much as I figured it.

Obama's ideology is going to crash head first into the mechanisms that control the flow of capital in the economy.

[TRexx]

What happens in 4 or 5 years when these strategic defaulters want to borrow money for a car, another house or their kid's education?  Or are they assuming the banks will be just as stupid then and line up to loan more money to unqualified borrowers? 

[Richardk]

It's hard to say since I've seen some play it very well. I'm not sure if they're the "lucky" ones, right place at the right time or the people they know but some seem to do very well despite actions that would sink any of us.

[The Original Henry]

It's 47 minutes long, but it's worth it:

http://video.google.com/videoplay?docid=5352106773770802849#

[Aussie]

"He who sells what isn't his'n
Must buy it back or go to prison"

[Peter Gibbons]

I was looking at those almost brand new townhouses on the video and here something like this will cost $450K. Over there you were supposed to be able to get them for $45K

What is the catch? How is the Fort Myers area?

I wouldn't mind spending the 5 months winter there.