So, everybody thinks that the people that are losing their homes in the mortgage mess are the big losers. But I read about a guy moving out of his home into a rental, reducing his monthly payments from 3600 a month to 1200 a month. As a renter, he is buffered, somewhat, by the ratcheting property taxes, the over-the-top maintenance expences and possibly even the utility costs of heat.
Sounds really rough. I bet, after the initial shock wears off, that guy feels like the burdens of the world have been lifted.
But what about the guys making the big bucks lately? Dick Fuld, Jimmy Cayne? That much money isn't under anybody's mattress. So where was it?
Stock (in their own company) way down
Housing (they are all in 3-5 million homes...cayne bought in manhattan for 28 million or something) wayy down.
Stock market? Down
Bond market? OUch
Remind me again, who is the loser here?
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