It is no secret that the Sub Prime Mortgage Crisis has caused turmoil amongst the powerful financial institutions and lending houses, but one aspect of the mammoth collapse that has not been talked about a lot is its effect on every day people.
When the Big Lenders get in trouble, obviously it is time for a bail out from the Feds.
But what is there available for the people at the other end of the equation?
The debtors.
And the only bail out that most regular people will be elgible for is to get out of jail.
The real solution of course is to own up to the reality and do the right thing.
Declare Bankruptcy, pay your dues and start over.
And in fact, despite the massive efforts of clever debt-for-profit institutions, people figure this out.
And now we are seeing bankruptcies in record numbers. Over a million anticipated for this year alone, and the real crisis, the one that affects regular people---the ones without jumbo jets, golden parachutes and private equity funds----is hardly underway yet.
This is going to be a roller coaster ride, both for the economy and for the regular folks.
The Tablet by Apple.
15 years ago
