paulness, interesting post. On topic of economy now, housing crisis. Quite struck by NPR radio report on weekend "marketplace", about housing crisis. The star of the piece, a woman in Chicago, condo owner in a building where about 90% of the units have "owners" not living there, kicked out due to foreclosures. The condo association is not getting dues paid and they hardly have money for heat. Singlehandedly, this woman sued banks to get them to pay the condo fee, foreclosed on banks (now that's a switch) getting possession of some units which the condo association is renting out to have money for expenses. The most poignant moment is when they open up an empty apartment that the association just repossessed and there is a terrible smell with maggots all over the frig. I thought to myself "what a mess" and "good thing I didn't buy with the cygx profits (lol)". My more cognitive side thought that this is what the banks have in their portfolios, not worth much at the moment. Whatever they say on their books, the banks could really be in trouble. A real mess - these bubbles bursting.
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